Tuesday, July 10, 2012
Monday, June 11, 2012
Best Opportunity for Building Wealth 2012
Whatablessing The Best Wealth Building Opportunity 2012
A merchant account affiliate program can help turn a nominal profit making website into a phenomenal profit making website. A merchant account in basic terms helps businesses to accept credit cards for payment. A merchant account affiliate program is a network of websites advertising the services of one credit card transaction provider in exchange for large commissions when a new customer is signed. Because the commissions can be quite generous, an affiliate or colleague website can increase a website's profit making potential quite substantially. How does this all work?
The merchant account industry provides all of the equipment to enable a business of any kind to accept credit card payments, either in store or online. Any terminal or swipe device that is observed is probably the leased property of a merchant credit card transaction provider. For a fee, based on the amount of the sale, these companies take care of all the credit card transaction, from approval to payment, freeing up the enterprise to concentrate on other aspects of the business. Because merchant account providers typically cover all aspects of payment possibilities, a check reader, wireless terminal and credit card reader are provided. But any company that wishes to have its message and product offering spread across the Internet is limited by the number of websites it has and thus the merchant account affiliate program is born. With so many people searching today for what they hope is truth, listen to these encouraging words from God's Word. "Then shall ye call upon me and ye shall go and pray unto me and I will hearken unto you and ye shall seek me and find me, when ye shall search for me with all your heart." (Jeremiah 29:12-13)
In practice, a company promoting merchant account services will begin to look for websites on which to place ads for their product. These websites will become affiliates of the merchant account company's marketing campaign. What kinds of websites would be the best candidates for a merchant account affiliate program? Since most companies are fully functioning with a credit card processing company already, the most likely targets will be start up small businesses. So the websites that become prime candidates to be colleagues will be those websites visited by small business entrepreneurs. These will include financial companies, entrepreneurial blogs, web design firms, human resources and benefits sites, loan companies, and perhaps investment firms. This certainly is not an exhaustive list, for anywhere that a potential start up business owner might need information would be a potential candidate for a merchant account affiliate program.
But no colleague company is going to agree to do this out of the goodness of the owner's heart. Affiliates agree to such use of their own website for one reason, and that is to increase profits and cash flow. So the financial agreements reached with the affiliates are extremely important to both the merchant account provider and the companies agreeing that their websites can be used for another company's ads. Because there are many kinds of colleague marketing networks, each has a specific method of paying for advertising space and the resulting sales. For example, networks that are advertising low dollar products will probably have a pay per click agreement with colleagues meaning that each time a site visitor clicks on a link to another website, the host is paid from a few cents to tens of dollars. Other networks are based more on gathering information, and so a pay per action agreement is reached. This means that when a visitor to a website clicks on a provided link portal to another company's website and at that site the visitor fills out an information field such as email address, name and phone number, money is generated for the website host who provided the initial link.
In the case of a merchant account affiliate program, colleagues who agree to carry a credit card service company's ads may be paid in one of several ways. Some service companies may pay on a commission basis. For example, an entrepreneur is thinking about starting a car wash franchise. At the home website of the franchise he is considering, the future owner clicks on a link to a company that provides business loans. While at that financing site he gets all the information that he needs and then sees an advertisement or link to a merchant account provider. Knowing that he will need someone to handle credit card transactions, he clicks on this link and ends up buying the company's services. The financial website that provided the link will receive as much as three hundred dollars for providing the link that made the sale. This simplified example of how a merchant account affiliate program might work is also a model for how all affiliate marketing networks operate.
Any colleague program on the Internet is infused with the idea that good news for someone else is also good news for me. This is especially true when it comes to advertising. Go up- and down the Internet and explore website after website with ads from other companies invading even rival sites. This is based on the same premise that hamburger chains have discovered and that is side by side stores are a good idea, because the close proximity generates much more traffic that each one could separately. In the same fashion a merchant account affiliate program encourages and groups together hundreds of websites that are willing to post another company's ads on their front page. This enables companies to gain name recognition up and down the Internet and perhaps travel into customers' views that could have never occurred otherwise.
For more information: http://matchrateplus.com/17382
Tuesday, May 29, 2012
The Point of Sale (POS) of Tomorrow
Point of Sale
The POS of tomorrow
The POS is undergoing change not seen since the payments industry's early days when the first electronic swipe devices replaced manual "knuckle busters" on merchant counter tops. Today, stationary POS terminals are being replaced by mobile and virtual POS devices. While the standard terminal will remain a viable solution for years to come, the future of the POS is upon us.
There is a general consensus about how that futuristic POS will function. It will be device agnostic, standardized and mobile; it will accept virtually all types of payments; it will save merchants on transaction fees; it will function as both a customer relationship manager and back-office bookkeeper; and, of course, it will be highly secure.
Maybe that last point is more a fervent hope than a cold hard fact. But it is a given that to continue to thrive in the payments sphere, ISOs and merchant level salespeople (MLSs) must fully understand the capabilities of emerging POS solutions and become expert consultants advising merchants on which technologies are best suited to their distinct business needs.
The ascendancy of mobile
Scott Henry, VeriFone Inc. North American Product Marketing Director, told The Green Sheet the industry will see some "very creative ways to build on platforms" in the next 12 months. Henry expects to see more full terminals built "on the back of" the Apple Inc. iPhone. He also foresees terminals that are secure mobile devices, have interactive PIN pads, and can take cards that utilize mag stripe, PIN, chip, EMV or NFC technology.
Bill Gajda, Visa Inc. Head of Mobile Products, spoke at the Strategic Solutions Network's Mobile Contactless Payment Innovations Summit in San Jose, Calif., in April 2012. He said the payments industry is "witnessing the transformation of commerce based on the ubiquity of mobile payments." However, he doesn't see card-enabled transactions disappearing.
"The need for global payment networks isn't going away," he said. "I don't see mobile replacing global payment networks because in developed markets they take the [card payment] system for granted."
Richard Oliver, a payment consultant and retired Executive Vice President of the Federal Reserve Bank of Atlanta, assessed the Fed's view of evolving payment options in the United States for a U.S. House Financial Services Committee hearing titled "The Future of Money: How Mobile Payments Could Change Financial Services."
In March 2012, he testified that the Federal Reserve banks in Atlanta and Boston concur that the open mobile wallet has the best chance of succeeding as a payment system in the current environment. "The open wallet would support the use of any number of payment credentials, just like the physical wallet does today," he said.
Oliver also said leading mobile platforms "should leverage existing payment system rails (debit card, credit card, prepaid card), including the ACH network for noncard payments, and support new payment types that meet emerging needs. This implies the use of traditional clearing and settlement systems."
Richard Crone, Chief Executive Officer of Crone Consulting LLC, believes mobile payments will be integral to the POS of the future, which will entail much more than a payment acceptance device or system.
"Mobile payment is not just about lower transaction costs for merchants, though that could be a big incentive," he said in a March 2012 interview with The Green Sheet. "It's about customer relationship management. The mobile phone provides two-way interactivity that allows customer self-service, self-marketing and, yes, payment."
Security and the push for EMV
After many years of being poised for takeoff but never lifting off ground in the United States, EMV received a major boost from the card companies in 2011, when Visa took steps to accelerate EMV adoption here. Merchants in most categories will be required to have a POS that supports EMV card acceptance by 2015 or face increased fraud liability. Of course, acquirers and processors must be able to support the technology as well.
Gajda said he strongly believes EMV will have a placein the POS going forward because of its importance as an authentication device. Will Graylin, founder and CEO of payment technology company ROAM Data Inc., concurs. In an interview with The Green Sheet, he said the primary driver for the inclusion of EMV at the POS is countering fraud and that the POS of the future will support payment cards.
"It has been 40 years since the credit card industry began, and we still have cash," Graylin said. "We have to support legacy payment systems. EMV standards have to be supported, but we don't know yet if the EMV transport mechanism will be a traditional account number or something else."
Graylin noted that other solutions may supersede EMV at the POS. "The processor, the ISO, the MSP [Member Service Provider] has to watch to see they don't get out flanked," he said. "You don't want to get blindsided [by new technology]." He added that if incumbents in the industry "don't wake up," they will soon be at a disadvantage.
Whatever technologies become dominant, the POS of the future will also include dynamic data authentication (which authenticates the payment card itself) with standards "designed, adopted and complied through an industry certification program to ensure... interoperability," Oliver said.
He called for more education for bank and nonbank regulators "to clarify compliance responsibilities" and for trusted service managers to "oversee the provision of interoperable and shared security elements in the phone."
Another concern is that complying with the Payment Card Industry (PCI) Data Security Standard (DSS) is problematic for many merchants. "Merchants should not have to deal with data," Graylin said. He predicted end-to-end security will be an integral part of the POS, along with a cardholder authentification mechanism. "It may be some other form of physical identification might be required," he said.
Bob Russo, General Manager of the PCI Security Standards Council (PCI SSC), believes tomorrow's POS environment will come with known security challenges. "Generally convenience trumps security every time at the POS," Russo said. "Here our job is to push security to a place where it is uppermost in everyone's mind.
Our job is to get people constantly thinking about security. We want them to remember when they are building their payment products that it is easier to build security in than it is to bolt it on."
NFC for contactless payments
It appears the industry is embracing contactless NFC solutions. Many POS manufacturers are already adding NFC functions to their products, and more mobile phone manufacturers are including NFC hardware in their products.
Gajda said he believes NFC will be at the center of the POS but not the only option. "We believe NFC will take off because it is based on a global standard and supported by global eco-standards," Gajda said. "We think NFC will take off because nobody wants to develop on a dead-end technology," which is what an unsupported technology is.
Gajda predicted NFC will become more popular as other uses for NFC are developed. "NFC centers around the POS but goes far beyond to person-to-person and other wireless options," he said.
Oliver said the Federal Reserve believes NFC contactless technology will be the likely infrastructure on most smart phones and terminals. "Other technologies might exist in parallel, but NFC appeared to be the likely approach due to experiences overseas, evolving standards and current technology investments by key players," he said.
Crone noted that although POSs will need to include EMV or NFC technology, or both, merchants and customers will not necessarily have to use those technologies. He also pointed out that NFC payments are more expensive for merchants because retailers are charged higher card-not-present interchange rates.
"Why would merchants pay for new NFC hardware that makes it easier for consumers to pay with more expensive tender types?" Crone asked rhetorically. "Merchants should be careful about solutions that are not agnostic when it comes to the phone-to-POS interface.
"The success of the Starbucks mobile payment solution suggests bar codes may play an important role in mobile payments at the POS. Starbucks was the most successful launch of a new payment type in the history of mankind."
Game-changing technology
Crone pointed out that "several very well-funded mobile payment startups have been working in stealth mode for some time now to provide mobile payments at the physical POS with no new hardware required by merchants, including avoiding the need for NFC chips on the handset." However, traditional payment companies don't appear ready to concede any ground to new competitors.
Henry said VeriFone is integrating an advertising network with its POS technology through its acquisition of the global outdoor advertising network Clear Channel Outdoors Inc. Advertising over the POS network is a way to "infuse capital into the payment system," he said.
He believes VeriFone is adapting well to the shifting payments ecosystem. "One thing we had to do as an organization is we had to learn to break away from tradition," he said. In keeping with that, VeriFone released its new SAIL platform for mobile devices on May 8.
According to Henry, SAIL integrates with popular social networking platforms; offers merchants the ability to push customers toward tenders offering cheaper transaction rates; comes with a software developer kit; provides sophisticated analytics; includes bar code scanning capability; and integrates with VeriFone's traditional POS terminals.
Henry said SAIL supports EMV and NFC technologies, mobile wallets and other emerging payment vehicles. It boasts a secure gateway with end-to-end encryption, real-time merchant fraud detection and processing services.
It also works with third-party marketing and loyalty tools. Henry also said SAIL is good news for ISOs because the company is issuing SAIL through its processor-ISO channel partner network.
According to Gajda, among the technologies causing the industry to "think differently about what constitutes a POS" is a mobile shopping application developed by AisleBuyer LLC, a mobile shopping technology company acquired by Intuit Inc. in April 2012. AisleBuyer's solution allows shoppers to scan and pay for merchandise using their phones - no checkout line needed.
V.me, the digital wallet in development at Visa, will allow customers to free themselves from cards and pay at a POS using only phone numbers and PINs - similar to the service PayPal Inc. is offering on Home Depot Inc. POS terminals and at other national retailers.
"The key to our success here is linking the phone number with the [consumer's account number]," Gajda said. "This will create whole new categories of transactions. V.me is a platform that may communicate with consumers, but the financial institutions will drive the distribution."
First Data Corp. is in the POS innovation game, too. It recently partnered with Affinity Solutions Inc., a rewards program provider, to create a high-tech payment card that allows consumers to link reward offers to their credit cards and redeem the rewards in real time as they pay.
The need to solve or delight
Farhan Ahmad, Discover Financial Services Global Head of Prepaid and Emerging Payments, also spoke at the mobile technology conference held in San Jose in April. "Payment does not define commerce; commerce defines payment," he said. "The face of commerce is changing, necessitating a different kind of payment.
"Credit cards are not conducive to the new environment [however] credit card payments are not difficult and there has to be an incentive to change. From the payment application perspective, the new payment method has to be easier than a credit card, and it has to add significantly more value."
He added that for mobile payment adoption, the solution either has to solve a problem or it has to delight someone. A solution "should be cheaper than the one it is replacing," he said. "It's not about wallets. It's about consumers buying something.
"We don't want to force people to use [mobile payments]; we want people to be able to use every channel, no matter where they are or what they want to buy. Apps make consumer payment so frictionless they drive consumers to the mobile environment."
Crone believes that in the emerging payments environment, "a big upside" exists for merchants who choose to integrate advertising and customer data in "their own mobile payment offering rather than ceding it to third parties such as Google, Isis ... and other intermediaries."
Merchants now compete against mobile check services, bar code reader price-comparison apps, and other technologies that tend to drive business away from traditional brick-and-mortar retailers, Crone noted.
"Without their own branded mobile payment app that works at the point of sale, retailers risk being disintermediated and losing out on the new, valuable revenue streams such as POS payment-triggered advertising," he said.
The upside for ISOs and MLSs in the new POS world is the increased opportunity to help merchants keep costs down, boost sales and enjoy more customer loyalty while also enhancing consumer convenience.
There is much to learn, but this approach holds the key to ISO and MLS longevity as today's POS evolves into what was the stuff of science fiction to merchants equipped with manual "knuckle busters" for card acceptance in our industry's early days.
The POS of tomorrow
The POS is undergoing change not seen since the payments industry's early days when the first electronic swipe devices replaced manual "knuckle busters" on merchant counter tops. Today, stationary POS terminals are being replaced by mobile and virtual POS devices. While the standard terminal will remain a viable solution for years to come, the future of the POS is upon us.
There is a general consensus about how that futuristic POS will function. It will be device agnostic, standardized and mobile; it will accept virtually all types of payments; it will save merchants on transaction fees; it will function as both a customer relationship manager and back-office bookkeeper; and, of course, it will be highly secure.
Maybe that last point is more a fervent hope than a cold hard fact. But it is a given that to continue to thrive in the payments sphere, ISOs and merchant level salespeople (MLSs) must fully understand the capabilities of emerging POS solutions and become expert consultants advising merchants on which technologies are best suited to their distinct business needs.
The ascendancy of mobile
Scott Henry, VeriFone Inc. North American Product Marketing Director, told The Green Sheet the industry will see some "very creative ways to build on platforms" in the next 12 months. Henry expects to see more full terminals built "on the back of" the Apple Inc. iPhone. He also foresees terminals that are secure mobile devices, have interactive PIN pads, and can take cards that utilize mag stripe, PIN, chip, EMV or NFC technology.
Bill Gajda, Visa Inc. Head of Mobile Products, spoke at the Strategic Solutions Network's Mobile Contactless Payment Innovations Summit in San Jose, Calif., in April 2012. He said the payments industry is "witnessing the transformation of commerce based on the ubiquity of mobile payments." However, he doesn't see card-enabled transactions disappearing.
"The need for global payment networks isn't going away," he said. "I don't see mobile replacing global payment networks because in developed markets they take the [card payment] system for granted."
Richard Oliver, a payment consultant and retired Executive Vice President of the Federal Reserve Bank of Atlanta, assessed the Fed's view of evolving payment options in the United States for a U.S. House Financial Services Committee hearing titled "The Future of Money: How Mobile Payments Could Change Financial Services."
In March 2012, he testified that the Federal Reserve banks in Atlanta and Boston concur that the open mobile wallet has the best chance of succeeding as a payment system in the current environment. "The open wallet would support the use of any number of payment credentials, just like the physical wallet does today," he said.
Oliver also said leading mobile platforms "should leverage existing payment system rails (debit card, credit card, prepaid card), including the ACH network for noncard payments, and support new payment types that meet emerging needs. This implies the use of traditional clearing and settlement systems."
Richard Crone, Chief Executive Officer of Crone Consulting LLC, believes mobile payments will be integral to the POS of the future, which will entail much more than a payment acceptance device or system.
"Mobile payment is not just about lower transaction costs for merchants, though that could be a big incentive," he said in a March 2012 interview with The Green Sheet. "It's about customer relationship management. The mobile phone provides two-way interactivity that allows customer self-service, self-marketing and, yes, payment."
Security and the push for EMV
After many years of being poised for takeoff but never lifting off ground in the United States, EMV received a major boost from the card companies in 2011, when Visa took steps to accelerate EMV adoption here. Merchants in most categories will be required to have a POS that supports EMV card acceptance by 2015 or face increased fraud liability. Of course, acquirers and processors must be able to support the technology as well.
Gajda said he strongly believes EMV will have a placein the POS going forward because of its importance as an authentication device. Will Graylin, founder and CEO of payment technology company ROAM Data Inc., concurs. In an interview with The Green Sheet, he said the primary driver for the inclusion of EMV at the POS is countering fraud and that the POS of the future will support payment cards.
"It has been 40 years since the credit card industry began, and we still have cash," Graylin said. "We have to support legacy payment systems. EMV standards have to be supported, but we don't know yet if the EMV transport mechanism will be a traditional account number or something else."
Graylin noted that other solutions may supersede EMV at the POS. "The processor, the ISO, the MSP [Member Service Provider] has to watch to see they don't get out flanked," he said. "You don't want to get blindsided [by new technology]." He added that if incumbents in the industry "don't wake up," they will soon be at a disadvantage.
Whatever technologies become dominant, the POS of the future will also include dynamic data authentication (which authenticates the payment card itself) with standards "designed, adopted and complied through an industry certification program to ensure... interoperability," Oliver said.
He called for more education for bank and nonbank regulators "to clarify compliance responsibilities" and for trusted service managers to "oversee the provision of interoperable and shared security elements in the phone."
Another concern is that complying with the Payment Card Industry (PCI) Data Security Standard (DSS) is problematic for many merchants. "Merchants should not have to deal with data," Graylin said. He predicted end-to-end security will be an integral part of the POS, along with a cardholder authentification mechanism. "It may be some other form of physical identification might be required," he said.
Bob Russo, General Manager of the PCI Security Standards Council (PCI SSC), believes tomorrow's POS environment will come with known security challenges. "Generally convenience trumps security every time at the POS," Russo said. "Here our job is to push security to a place where it is uppermost in everyone's mind.
Our job is to get people constantly thinking about security. We want them to remember when they are building their payment products that it is easier to build security in than it is to bolt it on."
NFC for contactless payments
It appears the industry is embracing contactless NFC solutions. Many POS manufacturers are already adding NFC functions to their products, and more mobile phone manufacturers are including NFC hardware in their products.
Gajda said he believes NFC will be at the center of the POS but not the only option. "We believe NFC will take off because it is based on a global standard and supported by global eco-standards," Gajda said. "We think NFC will take off because nobody wants to develop on a dead-end technology," which is what an unsupported technology is.
Gajda predicted NFC will become more popular as other uses for NFC are developed. "NFC centers around the POS but goes far beyond to person-to-person and other wireless options," he said.
Oliver said the Federal Reserve believes NFC contactless technology will be the likely infrastructure on most smart phones and terminals. "Other technologies might exist in parallel, but NFC appeared to be the likely approach due to experiences overseas, evolving standards and current technology investments by key players," he said.
Crone noted that although POSs will need to include EMV or NFC technology, or both, merchants and customers will not necessarily have to use those technologies. He also pointed out that NFC payments are more expensive for merchants because retailers are charged higher card-not-present interchange rates.
"Why would merchants pay for new NFC hardware that makes it easier for consumers to pay with more expensive tender types?" Crone asked rhetorically. "Merchants should be careful about solutions that are not agnostic when it comes to the phone-to-POS interface.
"The success of the Starbucks mobile payment solution suggests bar codes may play an important role in mobile payments at the POS. Starbucks was the most successful launch of a new payment type in the history of mankind."
Game-changing technology
Crone pointed out that "several very well-funded mobile payment startups have been working in stealth mode for some time now to provide mobile payments at the physical POS with no new hardware required by merchants, including avoiding the need for NFC chips on the handset." However, traditional payment companies don't appear ready to concede any ground to new competitors.
Henry said VeriFone is integrating an advertising network with its POS technology through its acquisition of the global outdoor advertising network Clear Channel Outdoors Inc. Advertising over the POS network is a way to "infuse capital into the payment system," he said.
He believes VeriFone is adapting well to the shifting payments ecosystem. "One thing we had to do as an organization is we had to learn to break away from tradition," he said. In keeping with that, VeriFone released its new SAIL platform for mobile devices on May 8.
According to Henry, SAIL integrates with popular social networking platforms; offers merchants the ability to push customers toward tenders offering cheaper transaction rates; comes with a software developer kit; provides sophisticated analytics; includes bar code scanning capability; and integrates with VeriFone's traditional POS terminals.
Henry said SAIL supports EMV and NFC technologies, mobile wallets and other emerging payment vehicles. It boasts a secure gateway with end-to-end encryption, real-time merchant fraud detection and processing services.
It also works with third-party marketing and loyalty tools. Henry also said SAIL is good news for ISOs because the company is issuing SAIL through its processor-ISO channel partner network.
According to Gajda, among the technologies causing the industry to "think differently about what constitutes a POS" is a mobile shopping application developed by AisleBuyer LLC, a mobile shopping technology company acquired by Intuit Inc. in April 2012. AisleBuyer's solution allows shoppers to scan and pay for merchandise using their phones - no checkout line needed.
V.me, the digital wallet in development at Visa, will allow customers to free themselves from cards and pay at a POS using only phone numbers and PINs - similar to the service PayPal Inc. is offering on Home Depot Inc. POS terminals and at other national retailers.
"The key to our success here is linking the phone number with the [consumer's account number]," Gajda said. "This will create whole new categories of transactions. V.me is a platform that may communicate with consumers, but the financial institutions will drive the distribution."
First Data Corp. is in the POS innovation game, too. It recently partnered with Affinity Solutions Inc., a rewards program provider, to create a high-tech payment card that allows consumers to link reward offers to their credit cards and redeem the rewards in real time as they pay.
The need to solve or delight
Farhan Ahmad, Discover Financial Services Global Head of Prepaid and Emerging Payments, also spoke at the mobile technology conference held in San Jose in April. "Payment does not define commerce; commerce defines payment," he said. "The face of commerce is changing, necessitating a different kind of payment.
"Credit cards are not conducive to the new environment [however] credit card payments are not difficult and there has to be an incentive to change. From the payment application perspective, the new payment method has to be easier than a credit card, and it has to add significantly more value."
He added that for mobile payment adoption, the solution either has to solve a problem or it has to delight someone. A solution "should be cheaper than the one it is replacing," he said. "It's not about wallets. It's about consumers buying something.
"We don't want to force people to use [mobile payments]; we want people to be able to use every channel, no matter where they are or what they want to buy. Apps make consumer payment so frictionless they drive consumers to the mobile environment."
Crone believes that in the emerging payments environment, "a big upside" exists for merchants who choose to integrate advertising and customer data in "their own mobile payment offering rather than ceding it to third parties such as Google, Isis ... and other intermediaries."
Merchants now compete against mobile check services, bar code reader price-comparison apps, and other technologies that tend to drive business away from traditional brick-and-mortar retailers, Crone noted.
"Without their own branded mobile payment app that works at the point of sale, retailers risk being disintermediated and losing out on the new, valuable revenue streams such as POS payment-triggered advertising," he said.
The upside for ISOs and MLSs in the new POS world is the increased opportunity to help merchants keep costs down, boost sales and enjoy more customer loyalty while also enhancing consumer convenience.
There is much to learn, but this approach holds the key to ISO and MLS longevity as today's POS evolves into what was the stuff of science fiction to merchants equipped with manual "knuckle busters" for card acceptance in our industry's early days.
Saturday, May 26, 2012
Friday, May 25, 2012
Building Guaranteed Residual Income
Why Should You Build Residual Income?
Do you know the power of residual income? If your only source of income is one that you have to trade your time to get, then you don't. It's okay, you're not alone. Most people are in the same shoes you are in. What I will be discussing is a type of income that once you build enough of, will allow you to experience life at a whole new level. If your idea of life is to work until you're 65, then read no further, but if you want to be free from a job, then learning how to build residual income is crucial.
So what is residual income? Put simply, money that comes in whether or not you work. This may seem like some scam to you but it's not. In fact, chances are, you already have a source of residual income: Your savings account. You earn money on it every month, yet you don’t do anything to get it. Now a saving's account doesn't give you much unless you have millions of dollars sitting in there.
The cool part about learning how to build residual income is when you bring in enough of this type of income, you can retire. Many people believe in order to retire, you must be a millionaire. That is untrue. It would be great to be a millionaire but to be financially free, it's not necessary.
Let's say you need $5,000 a month to pay all of your expenses and have enough left over to enjoy a vacation every now and then. In order to retire, you would need to bring in this amount of money without having to spend time working for it. So all you have to do is create a source of income that doesn't need you to be there in order for it to come to you. This is what residual income is all about.
How many ways are there to build residual income? Tons! If that's the case, how come the majority of people don't know how?
We were never taught this in school. Think about it, all they teach you is how to get a degree and work for a company for the rest of your life. If too many people knew how to build residual income, no one would need jobs.
You don't ever have to worry about that though. Building residual income isn't for everyone. It will take time, effort, and in some cases, money, just like your savings account. Most people don't have the will or determination to stick with something long enough to succeed in it anyway. They are just fine with working by the hour and getting paid by their time. There's nothing wrong with this if you plan on working all your life..
Learn how to earn residual income and you will be able to live life on your terms and who knows, you may even be able to retire wealthy. Get started on it today. One of the best ways of doing this is using the internet to create a business. Check out this video below.
Things are changing fast. Don't be left behind. http://www.matchrateplus.com/affiliates/businessoverview.aspx
Use Referral Agent ID: 17382
Wednesday, May 16, 2012
Friday, May 11, 2012
Business Owners Merchant Accounts Paying 25% Monthly Rebates
Merchant Accounts can Now get a 25% Cash Rebate Monthly on their Credit Card Processing Fees Here
NOW YOU CAN!
THE DIFFERENCE
MatchRate Plus has eliminated the sales agent who normally receives a 25% commission on a merchant's account and is instead paying that commission to you, the merchant.
WHAT YOU RECEIVE AS A MERCHANT PARTNER:
The 25% commission that is generated by your account every month
The exact same rate you receive today - NOTHING CHANGES
A Lowest Rate Guarantee - You'll never have to worry about your rates ever again. When you receive a lower rate offer, just fax it to us. We will match the lower rate and still pay you the 25% commission generated by your account each and every month.
24 Hour Deposit-times
World Class 24/7/365 customer service and technical support
FREE equipment and cancellation fee reimbursement
Visa, Mastercard, Discover, American Express, Diners, EBT, JBT, Fleet, Voyager, WEX, Gift cards, Electronic check conversion and guarantee, Cash advance programs and ATM
A service provider that currently processes for more than 100,000 merchants
As a MatchRate Plus Merchant Partner you share in the monthly commissions generated by your merchant account and you'll never have to worry about your rates again!
Click on Picture Learn More About Becoming a MatchRate Plus Merchant Partner
http://mrprebate.com
Use Agent ID: 17382 to Request More Information
Powered by North American Bancard (NAB), MatchRate PLUS
NOW YOU CAN!
THE DIFFERENCE
MatchRate Plus has eliminated the sales agent who normally receives a 25% commission on a merchant's account and is instead paying that commission to you, the merchant.
WHAT YOU RECEIVE AS A MERCHANT PARTNER:
The 25% commission that is generated by your account every month
The exact same rate you receive today - NOTHING CHANGES
A Lowest Rate Guarantee - You'll never have to worry about your rates ever again. When you receive a lower rate offer, just fax it to us. We will match the lower rate and still pay you the 25% commission generated by your account each and every month.
24 Hour Deposit-times
World Class 24/7/365 customer service and technical support
FREE equipment and cancellation fee reimbursement
Visa, Mastercard, Discover, American Express, Diners, EBT, JBT, Fleet, Voyager, WEX, Gift cards, Electronic check conversion and guarantee, Cash advance programs and ATM
A service provider that currently processes for more than 100,000 merchants
As a MatchRate Plus Merchant Partner you share in the monthly commissions generated by your merchant account and you'll never have to worry about your rates again!
Click on Picture Learn More About Becoming a MatchRate Plus Merchant Partner
http://mrprebate.com
Use Agent ID: 17382 to Request More Information
Powered by North American Bancard (NAB), MatchRate PLUS
Sunday, May 6, 2012
Joy and Happiness Whatablessing Explains the Difference
Joy and Happiness… “Whatablessing” Explains the Difference
For most people, the only difference between joy and happiness is their dictionary meaning. A lot of people equate joy with happiness. The problem is, there’s a huge difference between the two!
Here are some differences between joy and happiness:
Happiness is based on circumstances but joy is based on the Lord.
Happiness is like the moon, waxing and waning. Joy is like the sun, always shining even when night falls or clouds cover it.
Happiness is like a kiss; joy a golden wedding anniversary.
Happiness is born in the mind; joy is born in the heart.
Happiness comes from humans; joy comes from God.
Happiness is like exchanging Christmas gifts; joy is the awareness of what Christmas is all about.
Can you see the difference? Joy is so much more than happiness! Joy makes us different.
Joyful people think differently. They don’t allow negative thoughts to occupy their minds. They not going to let the cares of the world still their joy.
Joyful people act differently. Their attitude is different – it is positive. Their behavior is different – it is God honoring. Their speech is different – it us uplifting.
Joyful react differently. They don’t respond harshly but encourage lovingly. They encourage not discourage. They build up, not tear down.
As a third-century man was anticipating death, he penned these last words to a friend:
“It’s a bad world, an incredibly bad world. But I have discovered in the midst of it a quiet and holy people who have learned a great secret. They have found a joy which is a thousand times better than any pleasure of our sinful life. They are despised and persecuted, but they care not. They are masters of their souls. They have overcome the world. These people are the Christians–and I am one of them.”
God wants us to have a life of joy!
Are you living a life of joy? You can live a life of Joy with us at: http://whatablessing.net
For most people, the only difference between joy and happiness is their dictionary meaning. A lot of people equate joy with happiness. The problem is, there’s a huge difference between the two!
Here are some differences between joy and happiness:
Happiness is based on circumstances but joy is based on the Lord.
Happiness is like the moon, waxing and waning. Joy is like the sun, always shining even when night falls or clouds cover it.
Happiness is like a kiss; joy a golden wedding anniversary.
Happiness is born in the mind; joy is born in the heart.
Happiness comes from humans; joy comes from God.
Happiness is like exchanging Christmas gifts; joy is the awareness of what Christmas is all about.
Can you see the difference? Joy is so much more than happiness! Joy makes us different.
Joyful people think differently. They don’t allow negative thoughts to occupy their minds. They not going to let the cares of the world still their joy.
Joyful people act differently. Their attitude is different – it is positive. Their behavior is different – it is God honoring. Their speech is different – it us uplifting.
Joyful react differently. They don’t respond harshly but encourage lovingly. They encourage not discourage. They build up, not tear down.
As a third-century man was anticipating death, he penned these last words to a friend:
“It’s a bad world, an incredibly bad world. But I have discovered in the midst of it a quiet and holy people who have learned a great secret. They have found a joy which is a thousand times better than any pleasure of our sinful life. They are despised and persecuted, but they care not. They are masters of their souls. They have overcome the world. These people are the Christians–and I am one of them.”
God wants us to have a life of joy!
Are you living a life of joy? You can live a life of Joy with us at: http://whatablessing.net
Friday, April 27, 2012
We Give Back USA Fundraising for Schools, Non Profits and Faith Based Organizations
We recognize that non-profit organizations are continuously searching for major gifts or sustainable funding solutions that will generate consistent funding with minimal overhead. To help non-profits achieve this objective MatchRate PLUS has created the ”We Give Back USA” Fundraising Program. You can learn more about the We Give Back USA Fundraising Program by reviewing the short video here: http://www.matchrateplus.com/About/WeGiveBackUSA.aspx
How to Register Your Non-Profit Organization
There is no cost to register your non-profit organization as a referral agent with MatchRate PLUS and participate in the ”We Give Back USA” Fundraising Program. Once you have completed the short online agent registration form a We Give Back USA representative will contact you to answer your questions and get your organization approved.
Once Approved – It’s Easy to Refer Your Supporters
Once your organization has been approved and received a referral agent ID number, your organization can start referring business supporters. The process of referring supporters is easy and requires just 3 simple steps.
1. Provide business supporters with promotional material inviting them to support your fundraiser.
2. The invitation will refer your business supporters to WeGiveBackUSA.com
3. Supporters will click the ”Request Information” tab, enter your ”Agent ID Number” and complete the form.
For each supporter who switches or establishes a new merchant account with MatchRate PLUS, your organization will receive $50 and a monthly (ongoing) payment equal to 17.5% of the commission generated to MatchRate PLUS – for the life of that account.
Click here to register your non-profit organization: http://whatablessing.net
To access We Give Back USA news and events, please visit http://www.WeGiveBackUSA.org
Referred by Agent ID: 17382
Email questions or comments to:
Attn: Christopher Herring Referred by Agent ID:17382
MatchRate PLUS c/o ”We Give Back USA”
National Director of Nonprofits & Fundraising
fundraiser@matchrateplus.com
Wednesday, April 25, 2012
Understanding Visa Mastercard Interchange Whatablessing Explains
American Express (AMEX) has a three party system. AMEX approves its own transactions. They issue their own credit cards.
Visa and MasterCard have a four party system. They do not issue any credit cards. Rather, they license their payment brands to Issuers and Acquirers. Issuing banks are the entities that provide you, the consumer, with the credit cards in your pocket. Acquirers are the entities that process the transactions. We are part of the acquiring side. As a registered Independent Sales Organization (ISO) of Visa and MasterCard, we pay them thousands of dollars a year for the privilege of using those brands.
Transaction Process
As shown in the Transaction Process above, unlike the three party system, Visa and MasterCard do not approve transactions. The bank that issued your credit card approves the transaction. The issuing bank takes on the risk that you as the consumer will pay them back for the items you purchase. In turn, the issuing bank get paid Interchange.
The cost of interchange depends on the card type that is presented. A debit card, which is tied to your checking account, is a low risk, low cost interchange. If you don’t have money in your checking account, the transaction is declined.
Corporate, government and foreign credit cards are high risk. They have the highest interchange rates. You may ask why. Simply, if someone from a foreign country buys an item here but refuses to pay for it later, perhaps because of a dispute, it is very difficult, sometimes almost impossible to get that money back. Also, people in corporations and government make purchases that are not authorized by higher management. If they quit or are terminated, these entities will often dispute the charges as unauthorized. This makes these three card types high risk.
Interchange is not voodoo or secretive. Interchange is clearly posted and updated on the internet (Visa Interchange rates and MasterCard’s Interchange Rates).
Why is Interchange Important?
According to the Board of Governors of the Federal Reserve System in their June 2009 Report to the Congress on the Profitability of Credit Card Operations of Depository Institutions, there are 565 million general purpose credit cards labeled Visa or MasterCard. There are another 111 million general purpose credit cards provided by American Express and Discover.
The population of the United States approximates 300 million ( 307,047,313). That means every infant, child, adult or infirmed, would possess 2.34 credit cards per person.
Five years ago, the average male, 35 years of age an under, carried less than $20 cash. They used their debit cards. These males are now 40 and have taught their children by using debit cards instead of cash. It is estimated that the vast majority of transactions between $5 and $60 are paid with debit cards.
For the first time in Visa’s history, debit card use surpassed Credit Cards in the fourth quarter 2008. U.S. debit card volume was $206 billion, versus a credit card volume of $203 billion. The growth of debit cards was up 5.5%, while credit cards were down 6.9%.
So, what does all this mean? It means the market, specifically consumers, have chosen plastic over cash and checks to pay for their purchases. They have voted on it with over 600 million credit cards issued to a population of 300 million.
Efficiency and Total Costs
Businesses that accept only cash payments do not have costs associated with credit card processing. However, they often lose more money than they would have through credit card processing because of employee skimming and theft. A cash only business is serious temptation to an employee earning minimum wage.
When you take into account your bank charges and fees, trips to the bank to deposit cash and checks, and ancillary overhead such as bookkeeping, ACH rejects and cash management, the cost to a merchant for a grocery store transaction of $54.24 is:
$0.72 if paid by credit card
$1.11 if paid by cash
$1.21 if paid by check
According to MasterCard, in 2008 their average interchange rate was 1.85%, which is paid to the banks that issued the credit card. On the flip side, issuing banks had credit losses as a percentage of transaction volume of 4%. This indicates that issuing banks lost more money than they made in interchange. As the economy continues to struggle, these issuing banks will continue to see their losses climb.
Bottom line: The merchant gets paid, even if the issuing bank does not.
Three Parts of Merchant Fees
Interchange is paid to the issuing bank. There are approximately 200 Interchange rates, depending on the card type (e.g. debit card, corporate card). This is a variable that changes.
Dues and Assessment. A question often presented is, “How does Visa and MasterCard make money if they don’t issue credit cards?” Visa and MasterCard has Dues and Assessments, which is 11 basis points (.0011) they receive per transaction.
The acquiring bank charges a small fee for the processing of the transaction, ensuring the merchant gets their money, as well as providing monthly statements, 24/7 support and terminal troubleshooting. This fee gets locked into your agreement. For example, let’s use 30 basis points.
For a debit card merchant fees would be:
Issuing bank: 1.03%
Dues and Assessments .11% (Assessed by Visa or MasterCard)
Acquiring Bank: .30%
Your total percentage fees for a $100 transaction would be $100 x (1.03%+.11%+.30%) or $100 x 1.43%, which equals $1.43.
The Dues and Assessment along with the Acquiring Bank fee would not change if you are using Interchange Plus pricing. The only variable that changes is Interchange to the issuing bank.
Conclusion
Interchange is the lubricant to the gears in the transaction process. Interchange rates are based on risk. Debit cards have lower risk, corporate cards have higher risk.
Not accepting credit cards will have your customers buy from your competitors that do accept multiple forms of payment.
Consumers using credit cards buy more than customers with cash. With cash, you can only buy with what you have in your pocket.
Merchants accepting cash only have a higher risk of pilferage by employees. There are some merchants that do NOT accept cash, simply for that reason.
The cost of managing cash and checks, which include bank fees, trips to the bank, etceteras, all have implicit costs attached to them. Consider if you would an office manager that makes $16 per hour. Each day the office manager puts together the cash and checks along with the deposit slips. It takes them 15 minutes a day to accomplish this task. Each day they drive to the bank. It takes another 15 minutes in round trip drive time and dropping off the bank deposit. If your employee does this task three days a week, 30 minutes per day, 50 weeks per year, they are spending 75 hours per year on non-value added work. At $16 per hour, that’s $1,200 per year. What else could they work on if they didn’t need to do these tasks? Even if you still had to make trips to the bank, but could reduce the preparation time from 15 minutes to 5 minutes, that save you $400.
Understanding interchange makes you a more savvy merchant. It helps you understand when you are negotiating your merchant account what fees can be adjusted and which cannot. Learn how to get a 25% Cash Rebate Monthly at: http://mrprebate.com Use Agent ID: 17382 for more information.
Visa and MasterCard have a four party system. They do not issue any credit cards. Rather, they license their payment brands to Issuers and Acquirers. Issuing banks are the entities that provide you, the consumer, with the credit cards in your pocket. Acquirers are the entities that process the transactions. We are part of the acquiring side. As a registered Independent Sales Organization (ISO) of Visa and MasterCard, we pay them thousands of dollars a year for the privilege of using those brands.
As shown in the Transaction Process above, unlike the three party system, Visa and MasterCard do not approve transactions. The bank that issued your credit card approves the transaction. The issuing bank takes on the risk that you as the consumer will pay them back for the items you purchase. In turn, the issuing bank get paid Interchange.
The cost of interchange depends on the card type that is presented. A debit card, which is tied to your checking account, is a low risk, low cost interchange. If you don’t have money in your checking account, the transaction is declined.
Corporate, government and foreign credit cards are high risk. They have the highest interchange rates. You may ask why. Simply, if someone from a foreign country buys an item here but refuses to pay for it later, perhaps because of a dispute, it is very difficult, sometimes almost impossible to get that money back. Also, people in corporations and government make purchases that are not authorized by higher management. If they quit or are terminated, these entities will often dispute the charges as unauthorized. This makes these three card types high risk.
Interchange is not voodoo or secretive. Interchange is clearly posted and updated on the internet (Visa Interchange rates and MasterCard’s Interchange Rates).
Why is Interchange Important?
According to the Board of Governors of the Federal Reserve System in their June 2009 Report to the Congress on the Profitability of Credit Card Operations of Depository Institutions, there are 565 million general purpose credit cards labeled Visa or MasterCard. There are another 111 million general purpose credit cards provided by American Express and Discover.
The population of the United States approximates 300 million ( 307,047,313). That means every infant, child, adult or infirmed, would possess 2.34 credit cards per person.
Five years ago, the average male, 35 years of age an under, carried less than $20 cash. They used their debit cards. These males are now 40 and have taught their children by using debit cards instead of cash. It is estimated that the vast majority of transactions between $5 and $60 are paid with debit cards.
For the first time in Visa’s history, debit card use surpassed Credit Cards in the fourth quarter 2008. U.S. debit card volume was $206 billion, versus a credit card volume of $203 billion. The growth of debit cards was up 5.5%, while credit cards were down 6.9%.
So, what does all this mean? It means the market, specifically consumers, have chosen plastic over cash and checks to pay for their purchases. They have voted on it with over 600 million credit cards issued to a population of 300 million.
Efficiency and Total Costs
Businesses that accept only cash payments do not have costs associated with credit card processing. However, they often lose more money than they would have through credit card processing because of employee skimming and theft. A cash only business is serious temptation to an employee earning minimum wage.
When you take into account your bank charges and fees, trips to the bank to deposit cash and checks, and ancillary overhead such as bookkeeping, ACH rejects and cash management, the cost to a merchant for a grocery store transaction of $54.24 is:
$0.72 if paid by credit card
$1.11 if paid by cash
$1.21 if paid by check
According to MasterCard, in 2008 their average interchange rate was 1.85%, which is paid to the banks that issued the credit card. On the flip side, issuing banks had credit losses as a percentage of transaction volume of 4%. This indicates that issuing banks lost more money than they made in interchange. As the economy continues to struggle, these issuing banks will continue to see their losses climb.
Bottom line: The merchant gets paid, even if the issuing bank does not.
Three Parts of Merchant Fees
Interchange is paid to the issuing bank. There are approximately 200 Interchange rates, depending on the card type (e.g. debit card, corporate card). This is a variable that changes.
Dues and Assessment. A question often presented is, “How does Visa and MasterCard make money if they don’t issue credit cards?” Visa and MasterCard has Dues and Assessments, which is 11 basis points (.0011) they receive per transaction.
The acquiring bank charges a small fee for the processing of the transaction, ensuring the merchant gets their money, as well as providing monthly statements, 24/7 support and terminal troubleshooting. This fee gets locked into your agreement. For example, let’s use 30 basis points.
For a debit card merchant fees would be:
Issuing bank: 1.03%
Dues and Assessments .11% (Assessed by Visa or MasterCard)
Acquiring Bank: .30%
Your total percentage fees for a $100 transaction would be $100 x (1.03%+.11%+.30%) or $100 x 1.43%, which equals $1.43.
The Dues and Assessment along with the Acquiring Bank fee would not change if you are using Interchange Plus pricing. The only variable that changes is Interchange to the issuing bank.
Conclusion
Interchange is the lubricant to the gears in the transaction process. Interchange rates are based on risk. Debit cards have lower risk, corporate cards have higher risk.
Not accepting credit cards will have your customers buy from your competitors that do accept multiple forms of payment.
Consumers using credit cards buy more than customers with cash. With cash, you can only buy with what you have in your pocket.
Merchants accepting cash only have a higher risk of pilferage by employees. There are some merchants that do NOT accept cash, simply for that reason.
The cost of managing cash and checks, which include bank fees, trips to the bank, etceteras, all have implicit costs attached to them. Consider if you would an office manager that makes $16 per hour. Each day the office manager puts together the cash and checks along with the deposit slips. It takes them 15 minutes a day to accomplish this task. Each day they drive to the bank. It takes another 15 minutes in round trip drive time and dropping off the bank deposit. If your employee does this task three days a week, 30 minutes per day, 50 weeks per year, they are spending 75 hours per year on non-value added work. At $16 per hour, that’s $1,200 per year. What else could they work on if they didn’t need to do these tasks? Even if you still had to make trips to the bank, but could reduce the preparation time from 15 minutes to 5 minutes, that save you $400.
Understanding interchange makes you a more savvy merchant. It helps you understand when you are negotiating your merchant account what fees can be adjusted and which cannot. Learn how to get a 25% Cash Rebate Monthly at: http://mrprebate.com Use Agent ID: 17382 for more information.
Monday, April 23, 2012
Mobile Credit Card Processing Options Compared: Square vs Intuit GoPayment vs PhoneSwipe….Whatablessing Explains
PhoneSwipe by North American Bancard is the most flexible and potentially cost-effective mobile solution for active merchants. Square offers the most simplified terms for low-volume merchants who are in no hurry to get their money and may best suit the interests of individuals who process less than $1,000 per week. GoPayments is a solution to consider if a merchant is tied in to other Intuit products (such as QuickBooks), though it offers no compelling advantages over the competition.
Smart Phones and Tablets
Square, GoPayments and PhoneSwipe
When North American Bancard began offering card processing solutions that could work on an iPhone or the Android platform, I was very interested in discovering how it compared to the existing mobile apps that were on the market. Specifically, I was interested in how it would stack up against Intuit’s GoPayment system (the solution offered by the biggest processing company to roll out their own software at that point) and the cleverly designed and marketed Square product. Square was something I was coming across a lot in the field and I had been quite impressed by. In fact, I was debating setting up an account of my own with Square, just to have as an alternative to PayPal if I needed it. When I received the first informational brochure on PhoneSwipe, it appeared that it had a lot in common with Square and GoPayments, if not Square’s stylish cube design card reader.
The reality is that there are some distinct similarities between the products and some important differences. However, there are good reasons for choosing each product, depending upon the actual intended use, style of business and need for flexibility. For the individual who only wants to have it handy for the outside chance a credit card may need to be used to accept payment for something once or twice a year, it almost does not matter which service is used. For the business owner looking to use this as a primary means of accepting cards, however, it is important to examine the options carefully.
The first issue that comes up is usually price. In that regard, PhoneSwipe appears to be the obvious winner. I stress “appears” in that under specific circumstances, Square will be less expensive, but only if this is generally the case: all sales are less than $10 AND there is under $2,000 of total revenue in a month. There, I’ve said it—if you sell coffee from a cart at the Farmer’s Market on Sundays, Square might be the solution you are looking for. It’s a generalization, of course, but simple math shows that the lower occurrence of transaction fees with Square indicates that it may be a better deal for purchases below $20, provided that those purchases are DEFINITELY swiped at the Qualified Rate.
It gets more complicated after that, which is why merchants may want to consider one of the other options, even if they are less glamorous looking.
Before going further, I am going to break down the pricing options for each platform.
Square is the simplest breakdown because they essentially only have one “flavor” of service. Because it is the most basic of the three major mobile processing solutions, it is not surprising that it is also the most expensive. Any time there is a “cookie-cutter” or “one size fits all” option, it will necessarily be established so that everyone pays the higher rates. Square is also not an established merchant services company, and therefore cannot offer the same level of service and protection that a dedicated company can. While there is no question that Square is an innovative company, they are also trying to reinvent the market in order to gain a greater share while also locking merchants into their service for the long run (thereby limiting future choice) through their new features.
The bottom line with Square is that swiped cards are charged 2.75% and keyed charges are at the rate of 3.5% plus a fifteen cent processing fee. Transactions take an estimated three to four days to be deposited. Square automatically initiates deposits within 36 hours of each transaction. Once a deposit is initiated, it may take a few business days (the speed largely depends on your bank and remember, weekends don't count!).
Additionally, Square has a policy of holding any amount over $1,000 per week for a 30 day period, during which Square is profiting from any interest rather than the merchant. Because Square is covering their own liability in this respect, it is not surprising that they have the slowest payment period and the lowest range of available funds. Technical support is also apparently only available via email or Twitter, so it may not be a viable option for businesses that need to keep moving quickly, even when the service is down (dropped phone, anyone?).
On the other hand, if a merchant’s volume is very low and their charges are consistently under $20, it is a remarkably easy service to set up and use. Square also offers IPad users (and only IPad users) the option to add a limited catalogue to the application which can make handling some transactions easier.
Intuit, the same company that provides Quicken and Turbo Tax, is also a merchant services provider that has in-house card processing software available for a PC-based POS system that they provide. If a merchant is locked into one of these services or software brands, GoPayments may be a reasonable solution to consider. GoPayments supports a wider range of devices than Square and offers a comparable rate plan. With GoPayments, regular Qualified Rate swiped charges will get a rate of 2.7% and manually entered charges have a rate of 3.7%. Downgraded charges will also be charged the keyed rate of 3.7%. This is very important to understand because many types of cards are automatically downgraded. (See my article on Interchange fees to learn more about the different card types.) This includes all Rewards Cards, Mileage Cards, Corporate Cards, Foreign Cards and just about any other card associated with a special program. The only cards swiped strictly at the Qualified rate are simple bank-issued cards with no bells and whistles. The same designations go for debit / check cards used for signature based transactions. As for availability of the funds, Intuit states that “money from your transaction is generally deposited into your bank within two to three days of the transaction.”
Intuit also offers a “merchant account” option for established businesses that do higher volume.
The terms of this style account differ because there is a much lower rate in exchange for a monthly fee. The terms are good, too, compared to Square. For a $12.95 monthly cost, the swiped Qualified rate lowers to 1.7% with manually entered Qualified cards charged at 2.7%, which is already lower than Square’s base charge. However, downgraded cards at the Mid- or Non-Qualified rates are charged 3.7% plus a seven cent transaction fee, which is hidden in the fine print tucked below the rate sheet. There is also an additional 0.3% “Card Not Present” fee tacked on for transactions taken over the phone, Internet, or fax. The upside to this service is that a merchant will have better customer support, more flexible options for processing transactions in instances of equipment failure and potential savings over the standard non-contract rates if the merchant does a high volume of Qualified rate charges.
PhoneSwipe by North American Bancard
North American Bancard’s PhoneSwipe software works on a wide variety of smart phones and tablets, much like GoPayments, and also has two versions of payment options. The rates for the contract-free service are the 2.69% for Qualified rate charges of credit and check/debit cards, and 3.49% for downgraded or manually entered cards. There is also a nineteen cent transaction fee on charges. It is only because of this nineteen cent transaction fee that Square would be a better deal for merchants consistently taking charges under $20. Once average tickets are in the hundreds of dollars, Square is no longer offering any advantage whatsoever. An additional bonus for PhoneSwipe is that all transactions are batched immediately, which translates to the quickest deposits out of these compared services. All transactions should be in a merchant’s bank account within 48 hours (plus any non-bank days, just like the other services).
Where PhoneSwipe becomes the most interesting, however, is with the more flexible merchant contracts. This is one of the main reasons that I provide this program to my own clients: unlike the simplified plans available with the other services, PhoneSwipe can be customized in several ways just like any other merchant services plan from a major processor. These terms can use standard retail rates beginning as low as 1.59%—or even 1.19% if check/debit cards are provided at a lower rate. NAB can provide these lower rates partly because they are a “wholesale” service provider and cover their own liability rather than merely reselling access to a processing network. (Both Square and PhoneSwipe process over the same “Global Payments Network,” for example.) Because this is a certifiable merchant account, there are associated monthly fees that range approximately $20. Because this is slightly higher than GoPayments, it should be noted that there are also transaction fees (albeit lower under this plan, closer to fifteen cents) on PhoneSwipe transactions. So why choose PhoneSwipe if it has higher monthly fees AND transaction fees on each charge? The answer is simple: for most merchants, it will end up being less expensive and they will get their money faster. This means, saving time, saving money—and NAB offers the additional protection of live support from an established and reputable merchant services company. (As an aside, because PhoneSwipe is customized to the merchant when setting up this type of account, it is important to establish a relationship with a representative who is capable of understanding the business needing the service as well as providing a thorough understanding of the processing agreement. Always read agreements and ask questions.)
Another very important distinction with PhoneSwipe’s fee schedule is that it can also be set up as an “Interchange Plus” account. For some merchants, this is a way to increase their savings even further, depending upon the type of business and the cards typically used by their customers.
The PhoneSwipe software is also more robust. It allows for generating reports, cataloguing, including photographs on emailed receipts (of either the customer or the sale items) and many more productivity features normally only found in a full-scale POS system. This alone may make the option more appealing to merchants with needs for inventory control. Integration with Google Maps, geo-tax options and even tip lines complete a best-in-class feature set. (The other services do allow for tips, although the rest of the features do not appear as flexible or complete.)
When weighing the cost of a dedicated POS system, PhoneSwipe becomes a tremendous bargain, and the same account can be shared among multiple devices.
At the end of the day, there are good reasons to use each of these services, but a merchant’s specific needs will dictate which service suites the business best. Often times a consultation with a legitimate merchant services professional can help a merchant determine the most appropriate and cost effective solution. Even then, there is no substitute for personal education and a comprehensive understanding of the products on the market..
Receive your FREE PCI Compliant PhoneSwipe at: http://whatablessing.net
Smart Phones and Tablets
Square, GoPayments and PhoneSwipe
When North American Bancard began offering card processing solutions that could work on an iPhone or the Android platform, I was very interested in discovering how it compared to the existing mobile apps that were on the market. Specifically, I was interested in how it would stack up against Intuit’s GoPayment system (the solution offered by the biggest processing company to roll out their own software at that point) and the cleverly designed and marketed Square product. Square was something I was coming across a lot in the field and I had been quite impressed by. In fact, I was debating setting up an account of my own with Square, just to have as an alternative to PayPal if I needed it. When I received the first informational brochure on PhoneSwipe, it appeared that it had a lot in common with Square and GoPayments, if not Square’s stylish cube design card reader.
The reality is that there are some distinct similarities between the products and some important differences. However, there are good reasons for choosing each product, depending upon the actual intended use, style of business and need for flexibility. For the individual who only wants to have it handy for the outside chance a credit card may need to be used to accept payment for something once or twice a year, it almost does not matter which service is used. For the business owner looking to use this as a primary means of accepting cards, however, it is important to examine the options carefully.
The first issue that comes up is usually price. In that regard, PhoneSwipe appears to be the obvious winner. I stress “appears” in that under specific circumstances, Square will be less expensive, but only if this is generally the case: all sales are less than $10 AND there is under $2,000 of total revenue in a month. There, I’ve said it—if you sell coffee from a cart at the Farmer’s Market on Sundays, Square might be the solution you are looking for. It’s a generalization, of course, but simple math shows that the lower occurrence of transaction fees with Square indicates that it may be a better deal for purchases below $20, provided that those purchases are DEFINITELY swiped at the Qualified Rate.
It gets more complicated after that, which is why merchants may want to consider one of the other options, even if they are less glamorous looking.
Before going further, I am going to break down the pricing options for each platform.
Square is the simplest breakdown because they essentially only have one “flavor” of service. Because it is the most basic of the three major mobile processing solutions, it is not surprising that it is also the most expensive. Any time there is a “cookie-cutter” or “one size fits all” option, it will necessarily be established so that everyone pays the higher rates. Square is also not an established merchant services company, and therefore cannot offer the same level of service and protection that a dedicated company can. While there is no question that Square is an innovative company, they are also trying to reinvent the market in order to gain a greater share while also locking merchants into their service for the long run (thereby limiting future choice) through their new features.
The bottom line with Square is that swiped cards are charged 2.75% and keyed charges are at the rate of 3.5% plus a fifteen cent processing fee. Transactions take an estimated three to four days to be deposited. Square automatically initiates deposits within 36 hours of each transaction. Once a deposit is initiated, it may take a few business days (the speed largely depends on your bank and remember, weekends don't count!).
Additionally, Square has a policy of holding any amount over $1,000 per week for a 30 day period, during which Square is profiting from any interest rather than the merchant. Because Square is covering their own liability in this respect, it is not surprising that they have the slowest payment period and the lowest range of available funds. Technical support is also apparently only available via email or Twitter, so it may not be a viable option for businesses that need to keep moving quickly, even when the service is down (dropped phone, anyone?).
On the other hand, if a merchant’s volume is very low and their charges are consistently under $20, it is a remarkably easy service to set up and use. Square also offers IPad users (and only IPad users) the option to add a limited catalogue to the application which can make handling some transactions easier.
Intuit, the same company that provides Quicken and Turbo Tax, is also a merchant services provider that has in-house card processing software available for a PC-based POS system that they provide. If a merchant is locked into one of these services or software brands, GoPayments may be a reasonable solution to consider. GoPayments supports a wider range of devices than Square and offers a comparable rate plan. With GoPayments, regular Qualified Rate swiped charges will get a rate of 2.7% and manually entered charges have a rate of 3.7%. Downgraded charges will also be charged the keyed rate of 3.7%. This is very important to understand because many types of cards are automatically downgraded. (See my article on Interchange fees to learn more about the different card types.) This includes all Rewards Cards, Mileage Cards, Corporate Cards, Foreign Cards and just about any other card associated with a special program. The only cards swiped strictly at the Qualified rate are simple bank-issued cards with no bells and whistles. The same designations go for debit / check cards used for signature based transactions. As for availability of the funds, Intuit states that “money from your transaction is generally deposited into your bank within two to three days of the transaction.”
Intuit also offers a “merchant account” option for established businesses that do higher volume.
The terms of this style account differ because there is a much lower rate in exchange for a monthly fee. The terms are good, too, compared to Square. For a $12.95 monthly cost, the swiped Qualified rate lowers to 1.7% with manually entered Qualified cards charged at 2.7%, which is already lower than Square’s base charge. However, downgraded cards at the Mid- or Non-Qualified rates are charged 3.7% plus a seven cent transaction fee, which is hidden in the fine print tucked below the rate sheet. There is also an additional 0.3% “Card Not Present” fee tacked on for transactions taken over the phone, Internet, or fax. The upside to this service is that a merchant will have better customer support, more flexible options for processing transactions in instances of equipment failure and potential savings over the standard non-contract rates if the merchant does a high volume of Qualified rate charges.
PhoneSwipe by North American Bancard
North American Bancard’s PhoneSwipe software works on a wide variety of smart phones and tablets, much like GoPayments, and also has two versions of payment options. The rates for the contract-free service are the 2.69% for Qualified rate charges of credit and check/debit cards, and 3.49% for downgraded or manually entered cards. There is also a nineteen cent transaction fee on charges. It is only because of this nineteen cent transaction fee that Square would be a better deal for merchants consistently taking charges under $20. Once average tickets are in the hundreds of dollars, Square is no longer offering any advantage whatsoever. An additional bonus for PhoneSwipe is that all transactions are batched immediately, which translates to the quickest deposits out of these compared services. All transactions should be in a merchant’s bank account within 48 hours (plus any non-bank days, just like the other services).
Where PhoneSwipe becomes the most interesting, however, is with the more flexible merchant contracts. This is one of the main reasons that I provide this program to my own clients: unlike the simplified plans available with the other services, PhoneSwipe can be customized in several ways just like any other merchant services plan from a major processor. These terms can use standard retail rates beginning as low as 1.59%—or even 1.19% if check/debit cards are provided at a lower rate. NAB can provide these lower rates partly because they are a “wholesale” service provider and cover their own liability rather than merely reselling access to a processing network. (Both Square and PhoneSwipe process over the same “Global Payments Network,” for example.) Because this is a certifiable merchant account, there are associated monthly fees that range approximately $20. Because this is slightly higher than GoPayments, it should be noted that there are also transaction fees (albeit lower under this plan, closer to fifteen cents) on PhoneSwipe transactions. So why choose PhoneSwipe if it has higher monthly fees AND transaction fees on each charge? The answer is simple: for most merchants, it will end up being less expensive and they will get their money faster. This means, saving time, saving money—and NAB offers the additional protection of live support from an established and reputable merchant services company. (As an aside, because PhoneSwipe is customized to the merchant when setting up this type of account, it is important to establish a relationship with a representative who is capable of understanding the business needing the service as well as providing a thorough understanding of the processing agreement. Always read agreements and ask questions.)
Another very important distinction with PhoneSwipe’s fee schedule is that it can also be set up as an “Interchange Plus” account. For some merchants, this is a way to increase their savings even further, depending upon the type of business and the cards typically used by their customers.
The PhoneSwipe software is also more robust. It allows for generating reports, cataloguing, including photographs on emailed receipts (of either the customer or the sale items) and many more productivity features normally only found in a full-scale POS system. This alone may make the option more appealing to merchants with needs for inventory control. Integration with Google Maps, geo-tax options and even tip lines complete a best-in-class feature set. (The other services do allow for tips, although the rest of the features do not appear as flexible or complete.)
When weighing the cost of a dedicated POS system, PhoneSwipe becomes a tremendous bargain, and the same account can be shared among multiple devices.
At the end of the day, there are good reasons to use each of these services, but a merchant’s specific needs will dictate which service suites the business best. Often times a consultation with a legitimate merchant services professional can help a merchant determine the most appropriate and cost effective solution. Even then, there is no substitute for personal education and a comprehensive understanding of the products on the market..
Receive your FREE PCI Compliant PhoneSwipe at: http://whatablessing.net
Monday, April 16, 2012
Whatablessing...FREE Stay at Home Business Opportunity...Patent Pending
Whatablessing...FREE Stay at Home Business Opportunity...Best One for 2012
MatchRate
Plus has created a brand new program for companies who take credit
cards known as "Merchant Partner". This patent pending business method
enables the merchant to turn out to be the referral agent on their own
account.
FOR IMMEDIATE RELEASE
Merchant Account Provider
As the referral agent on their very own account, the Merchant Companion receives 25% from the commission created to MatchRate Plus from their merchant account every month - for that life of their account.
To bring this exciting new offer to retailers, MatchRate Plus partnered with North American Bancard (NAB), one of the nations top merchant service companies. With more than one hundred,000 business customers, A+ BBB Accreditation and $ 10+ billion in yearly transactions, NAB guarantees MatchRate Plus Merchant Partners receive the highest quality e-payment services and 24/7 consumer and specialized support available today. Driven by North American Bancard (NAB), the MatchRate Plus referral agent and Merchant Companion program is poised to quickly acquire market reveal within the digital payments business.
Affiliates & Sale Brokers WANTED for MatchRate Plus
MatchRate Plus offers a entire, home-based business opportunity for individuals looking to make an additional month-to-month income. MatchRate Plus Associates are provided a step-by-step plan on how to earn a "contract-based"
Best of all there are no register fees, enrollment charges, or prior experience necessary to turn out to be a MatchRate Plus Independent Affiliate. It's 100% no cost to enroll and and takes just minutes to complete the on-line enrollment form.
Referral Agent System
Earn Additional Income by Simply Referring Merchant Account Leads
It's 100% free to become a MatchRate plus referral agent and takes just minutes to register on-line. As a referral agent, you will submit merchant account leads that are interested in switching their merchant account to MatchRate plus. Once you submit a lead MatchRate plus takes care of the rest. For every lead you submit that becomes an "activated" account, you get a one-time $ 50 acquisition bonus as well as a monthly residual commission of 5% to 17.5% - for that life from the account.
Submitting leads is easy
MatchRate plus provides you a personal back office portal and marketing web site to submit qualified leads.
Everything is tracked for you
MatchRate plus tracks all of your referred leads and commissions for you.
Powered By North American Bancard (NAB)
MatchRate Plus merchant accounts are supported by 1 from the nation's top service companies.
Performance bonuses and coding bonuses
Get 10% bonuses on referred agents and residual overrides on "coded" accounts.
ACH commission payments
Commission payments deposited directly into your account via ACH - no waiting on checks!
Lifetime monthly residuals
Monthly residual commissions for each account you refer are paid for that lifestyle of the account.
Commissions
$ 50 Acquisition Bonus + Monthly Residuals + 10% Performance Bonus + $ 50 Leadership Bonus
MatchRate Plus offers the most lucrative referral agent commission program accessible in the Electronic Payment Industry. For every merchant account lead you submit that becomes an "activated" MatchRate Plus account, you will get a $ 50 acquisition bonus plus a monthly residual commission of 5% to 17.5% - for the life of the account. You can increase your income by also referring other referral agents. You will receive a performance bonus equal to 10% of their total monthly income and have the opportunity to earn residual overrides on "coded" accounts based on your pay grade.
Residual Commissions for Submitted Merchant Account Leads
1 - 5
Your first 5 "qualified" submitted merchant account leads are coded to you as "Pay Grade 1". Once these leads turn out to be active MatchRate Plus accounts, you will receive a Pay Grade 1 commission of 5% on these accounts.
6 - 20
Your "qualified" submitted merchant account leads "6 thru 20" are coded to you as "Pay Grade 1 & 2". Once these leads turn out to be activated MatchRate Plus accounts, you will receive a Pay Grade one commission of 5%, as well as a Pay Grade 2 commission of seven.5% -> for a total of 12.5% on leads 6 thru 20.
21 and on...
Your "qualified" submitted merchant account leads "21 and on" are coded to you as "Pay Grade one, 2 & 3". Once these leads turn out to be activated MatchRate Plus accounts, you will get the Pay Grade 1 commission of 5%, the Pay Grade 2 commission of seven.5%, as well as a Pay Grade 3 commission of 5% -> for a total of 17.5% on leads 21 and on.
You Can Fast Track to Paygrade 3 by having 5 referral agents and 5 Qualified Leads…
Refer Other Agents and Increase Your Income
10% Performance bonus
You will receive a 10% monthly performance bonus for each and every referral agent you personally refer. For example, if you refer a referral agent and they earn $ 1,000 for the thirty day period, you will receive a 10% perfomance bonus of $ 100. The bonus is calculated as 10% (x) their total monthly earnings (not including their 10% performance bonuses or 25% commission paid back to the merchant).
"Coded" Residual Overrides
You will get a seven.5% commission on referred accounts within your referral agent organization that are coded to you Pay Grade 2; and a 5% commission on referred accounts that are coded to you Pay Grade 3.
Pay Grade 3 Leadership Bonus
Pay Grade 3 referral agents receive a $ 50 Leadership Bonus for each "activated" merchant account submitted by referral agents (within their organization)
The term "Activated" defined
"Activated" is defined as a MatchRate Plus account that has processed (batched out) a total of $ 300 in total credit-card payment transactions.
Commission percentages are based and paid on the profit created to MatchRate Plus from every account. Commissions are calculated on the 1st and 15th of each thirty day period and paid monthly via digital ACH deposit.
It's 100% free to become a Matchrate plus referral agent and takes just minutes now…
What do you have to lose come see why people are calling this the greatest opportunity on earth. See for yourself at: http://whatablessing.net Take the Free Agent Tour…
Friday, April 13, 2012
Whatablessing...Understanding Your Merchant Account
Whatablessing …Understanding Your Merchant Accounts
You may already know that your merchant account lets you accept credit and debit card transactions. What you may not know is how the process works, the fees and rates, or how you are paid. To save you aggravation and wasted money, here is a rundown of the process.
The Process
1. The information from the terminal travels via an internet or phone connection to the acquirer, better known as the bank that runs your merchant account.
2. The acquirer sends the information along to the proper credit card company.
3. The credit card company checks to make sure that the cardholder has enough credit or money in their account to cover the charges.
4. The credit card company then sends an authorization code to the acquirer. The code alerts the merchant service to accept the transaction that is taking place at the business.
5. The merchant sends a signal to your terminal that tells you that the card was accepted so that you can complete the transaction.
6. By this point, your customer is happy, but you aren't paid yet. Here is the process that gets the money into your merchant account.
7. All of the transactions for the day are stored up in a batch until the end of your business day. After closing shop, you send the batch of transactions to the bank through which you have a merchant account. This is called batching.
8. When the bank receives your request, it sends a request for payment to each credit card company.
9. The card companies subtract interchange fees from the amount owed to you and then send the money electronically to the bank.
10. The bank subtracts its fees and then sends the money to your merchant account.
This entire process can take anywhere from 24 hours to several days.
The Fees and Rates
Now that you know how the credit card processing process works, you should know a little more about the fees that your merchant service charges you for the merchant account.
Each month you will have to pay a gateway, statement and monthly-minimum fee. The gateway fee is a flat charge for using the terminal to process cards. The statement fee is a charge for printing and sending you your monthly statement. The monthly minimum is a charge that is incurred only if you don't meet the minimum number of transactions required by your merchant account's contract.
The next type of fee you should know about is the transaction fee. This is the amount of money that the bank takes from each transaction. Most companies charge around $.20 to $.25 for each transaction.
With MatchRate Plus new Patent-Pending “Merchant Partner” Program you will receive a 25% Cash Rebate Monthly from your Credit Card Processing Fees. Learn more at: http://mrprebate.com. Use Agent ID: “whatablessing” when requesting more information.
Now that you know the ins and outs of a credit card transaction, there will be no surprises with your merchant account.
Thursday, April 12, 2012
Merchant Accounts Earn 25% Cash Rebate Monthly on Credit Card Processing Fees
Merchant Accounts Credit Card Fees… Whatablessing Reports
Where do they come from?
It is known by some, but not all, that businesses pay fees in order to accept credit cards as a form of payment. In fact, about 87% of business in the US accept credit cards. Most of the 13% that do not are business to business companies that deal in large orders from merchants which are usually paid in the form of a wire transfer. According to Jack Dorsey of Twitter and Square, there are 8 million US merchants who accept credit cards
Despite the size of the industry, it’s a mystery to most who is pocketing all this money and how prices are determined and reported. I had a CPA tell me the other day, “I’m a smart guy. I understand numbers, pricing and reconciliation, but for whatever reason I just cannot get my head around credit card processing fees and the unbelievably complicated way companies report them.” He’s not alone. Hopefully this article will clear up some of that confusion as I provide some context about where credit card fees come from, who’s making the money, and how fees and rates are determined.
Issuing Financial Institutions make roughly 85% of all credit and debit card processing fees The financial institutions that issue credit and debit cards are the biggest benefactors. Some financial institutions such as banks co-issue debit and credit cards with Visa and or MasterCard while others such as American Express and Discover issue them directly (though now after years of litigation, some banks are now issuing American Express to cardholders). Visa and MasterCard are now public membership associations owned by the issuing banks, and collectively own roughly 75% of the credit cards in the market. For example, Visa is a membership association of over 13,000 banks nationwide.
These issuing financial institutions make money every time a card they issued is used to purchase something. For example, let’s assume that a business is paying an effective rate of 3.5% to accept credit cards (that 3.5% is usually comprised of a discount rate and a per transaction fee but I just used a flat rate for simplification purposes). Roughly 85% of that 3.5% is going to the issuing bank. The remaining 15% is divided among Visa or MasterCard, the credit card processor, and if there is one, the Independent Sales Organization (ISO).
How do financial institutions justify their fees? Credit card usage has seen explosive growth in the past 20 years for a number of reasons. Benefits of using plastic include 15 to 45 days to pay original purchases, rewards, a line of credit for extra spending power, fraud protection, a monthly accounting of all purchases and general convenience. The use of Purchase Cards by Corporations or the government (GSA) has also been growing rapidly to lower the cost and to streamline Accounts Receivable and Payables.
An example of some of the costs these financial institutions incur providing and maintaining card holders include fraud, bad debt, customer support, rewards and other perks, and float (they pay for your purchases before you pay them). Usage rewards alone account for roughly 40% of the fees they generate and end up back in the pockets of cardholders. They fiercely compete for new cardholders primarily on their rewards programs.
Continuing our example from above, if you buy movie tickets for $20 and the movie theater is paying 3.5%, the financial institution that issued that credit card would make $0.60 ($20×3.5% = $0.70, x 85% equals $0.60). Visa and MasterCard add their respective fees of .0925% and .0950% on top of what the banks charge (Note: that’s 9.25 and 9.50 basis points. 100 basis points equals 1%). Adding the fees from the bank and Visa or MasterCard together form what is called ‘interchange’.
You now understand why you find a credit card offer in your mailbox everyday. Outside of the 18% interest rates, annual fees, and late fees, being a card issuer is a lucrative business! The issuing institutions are making money on both the front and back end.
That seems simple enough, why does everyone say it’s so complex? From a high level, the rate structure seems pretty simple, but it gets messy fast once we get into the details. There are over 100 different interchange ‘rates’ or ‘categories’. The particular rate that is charged on any given transaction depends on a number of variables, including:
1) The type of card that is used in the transaction i.e. debit, credit, rewards, or business card, international, etc. 2) Where the card is used i.e. restaurant, retail, gas, business to business, ecommerce, etc. 3) The method of usage i.e. swiped, over the phone, or via ecommerce. 4) What information the business captures during the transaction i.e. name, address, tax ID, tax amount, unit description, etc. (the information required is a whole other layer of complexity). 5) When the transaction is submitted to the processor for settlement and funds transfer after the initial authorization.
As you can see, it’s a very complicated matrix. Very few people, including those who’ve been in the industry for years, really understand interchange.
Qualifying for different rate categories and getting hit with downgrades Merchants can often do more than they think to better manage the credit card fees they pay. For example, transactions can be ‘downgraded’ (penalized) when they don’t meet interchange requirements. Example reasons for downgrades include not capturing the correct information when processing (such as billing zip), settling the transaction after a certain period of time, not swiping the transaction and many more. Learning how to recognize these penalties and then making the appropriate adjustments can help you lower the fees that are paid.
One downgrade example is if a restaurant employee hand keys a credit card number into the point of sale system because the magnetic strip can’t be read, the transaction falls into a different and higher rate category . The transaction is penalized because ‘non swiped’ transactions carry more risk and therefore higher interchange fees. The increase in rate can be significant ranging from 30 basis points to 2%, or more depending on how the service provider has the account priced.
Different rate categories and downgrades are the dirty little secret for merchant service providers. It’s where they make most of their margin because they offer artificially low rates and don’t disclose higher marketups on transactions that don’t fall into a specific rate category. Too many merchants fall for this and think they’re paying the single, highly competitive rate that was advertised.
A quick search of merchant service providers will demonstrate that non disclosure of fees is a standard practice. See two examples here.
The undecipherable monthly credit card statement As icing on the cake, the unreadable format most merchant service providers use to present this information to you on a monthly basis doesn’t help. Of course, the format used is not because they have no other option, it’s because that’s what makes them the most amount of money.
The frustration with credit card fees Some merchants accept credit cards because they find them to be a easier and more efficient method of accepting money from customers. Most merchants however accept them because they have no other choice. Many merchants and advocacy groups have cried foul lately with Visa and MasterCard increasing ‘interchange’ fees over 117% in the past five years while maintaining over 75% market share. The Card Associations have been accused of being monopolistic.
Interchange has come under increased pressure lately A few years ago, Wal-Mart won a class action lawsuit against Visa and MasterCard. They claimed that debit card interchange was being improperly priced because it had the same interchange rate as credit cards. Among other things, they argued that debit cards should be have a lower interchange rate because money comes directly out of the cardholder’s account versus a credit card where there is 15 to 45 days between purchase and payment. The courts agreed and awarded Wal-Mart and other retailers billions of dollars in compensatory damages. There are currently a number of other legal battles against the Card Associations surrounding interchange.
Merchants can now receive a 25% Cash Rebate Every Month on their Credit Card Processing using MatchRate Plus New Patent-Pending "Merchant Partner" Program.The Credit Card Processing Industry is now a $43 Trillion Dollar Industry that you can make money from. Learn more at: http://mrprebate.com Use Agent ID: "whatablessing" for more information
Where do they come from?
It is known by some, but not all, that businesses pay fees in order to accept credit cards as a form of payment. In fact, about 87% of business in the US accept credit cards. Most of the 13% that do not are business to business companies that deal in large orders from merchants which are usually paid in the form of a wire transfer. According to Jack Dorsey of Twitter and Square, there are 8 million US merchants who accept credit cards
Despite the size of the industry, it’s a mystery to most who is pocketing all this money and how prices are determined and reported. I had a CPA tell me the other day, “I’m a smart guy. I understand numbers, pricing and reconciliation, but for whatever reason I just cannot get my head around credit card processing fees and the unbelievably complicated way companies report them.” He’s not alone. Hopefully this article will clear up some of that confusion as I provide some context about where credit card fees come from, who’s making the money, and how fees and rates are determined.
Issuing Financial Institutions make roughly 85% of all credit and debit card processing fees The financial institutions that issue credit and debit cards are the biggest benefactors. Some financial institutions such as banks co-issue debit and credit cards with Visa and or MasterCard while others such as American Express and Discover issue them directly (though now after years of litigation, some banks are now issuing American Express to cardholders). Visa and MasterCard are now public membership associations owned by the issuing banks, and collectively own roughly 75% of the credit cards in the market. For example, Visa is a membership association of over 13,000 banks nationwide.
These issuing financial institutions make money every time a card they issued is used to purchase something. For example, let’s assume that a business is paying an effective rate of 3.5% to accept credit cards (that 3.5% is usually comprised of a discount rate and a per transaction fee but I just used a flat rate for simplification purposes). Roughly 85% of that 3.5% is going to the issuing bank. The remaining 15% is divided among Visa or MasterCard, the credit card processor, and if there is one, the Independent Sales Organization (ISO).
How do financial institutions justify their fees? Credit card usage has seen explosive growth in the past 20 years for a number of reasons. Benefits of using plastic include 15 to 45 days to pay original purchases, rewards, a line of credit for extra spending power, fraud protection, a monthly accounting of all purchases and general convenience. The use of Purchase Cards by Corporations or the government (GSA) has also been growing rapidly to lower the cost and to streamline Accounts Receivable and Payables.
An example of some of the costs these financial institutions incur providing and maintaining card holders include fraud, bad debt, customer support, rewards and other perks, and float (they pay for your purchases before you pay them). Usage rewards alone account for roughly 40% of the fees they generate and end up back in the pockets of cardholders. They fiercely compete for new cardholders primarily on their rewards programs.
Continuing our example from above, if you buy movie tickets for $20 and the movie theater is paying 3.5%, the financial institution that issued that credit card would make $0.60 ($20×3.5% = $0.70, x 85% equals $0.60). Visa and MasterCard add their respective fees of .0925% and .0950% on top of what the banks charge (Note: that’s 9.25 and 9.50 basis points. 100 basis points equals 1%). Adding the fees from the bank and Visa or MasterCard together form what is called ‘interchange’.
You now understand why you find a credit card offer in your mailbox everyday. Outside of the 18% interest rates, annual fees, and late fees, being a card issuer is a lucrative business! The issuing institutions are making money on both the front and back end.
That seems simple enough, why does everyone say it’s so complex? From a high level, the rate structure seems pretty simple, but it gets messy fast once we get into the details. There are over 100 different interchange ‘rates’ or ‘categories’. The particular rate that is charged on any given transaction depends on a number of variables, including:
1) The type of card that is used in the transaction i.e. debit, credit, rewards, or business card, international, etc. 2) Where the card is used i.e. restaurant, retail, gas, business to business, ecommerce, etc. 3) The method of usage i.e. swiped, over the phone, or via ecommerce. 4) What information the business captures during the transaction i.e. name, address, tax ID, tax amount, unit description, etc. (the information required is a whole other layer of complexity). 5) When the transaction is submitted to the processor for settlement and funds transfer after the initial authorization.
As you can see, it’s a very complicated matrix. Very few people, including those who’ve been in the industry for years, really understand interchange.
Qualifying for different rate categories and getting hit with downgrades Merchants can often do more than they think to better manage the credit card fees they pay. For example, transactions can be ‘downgraded’ (penalized) when they don’t meet interchange requirements. Example reasons for downgrades include not capturing the correct information when processing (such as billing zip), settling the transaction after a certain period of time, not swiping the transaction and many more. Learning how to recognize these penalties and then making the appropriate adjustments can help you lower the fees that are paid.
One downgrade example is if a restaurant employee hand keys a credit card number into the point of sale system because the magnetic strip can’t be read, the transaction falls into a different and higher rate category . The transaction is penalized because ‘non swiped’ transactions carry more risk and therefore higher interchange fees. The increase in rate can be significant ranging from 30 basis points to 2%, or more depending on how the service provider has the account priced.
Different rate categories and downgrades are the dirty little secret for merchant service providers. It’s where they make most of their margin because they offer artificially low rates and don’t disclose higher marketups on transactions that don’t fall into a specific rate category. Too many merchants fall for this and think they’re paying the single, highly competitive rate that was advertised.
A quick search of merchant service providers will demonstrate that non disclosure of fees is a standard practice. See two examples here.
The undecipherable monthly credit card statement As icing on the cake, the unreadable format most merchant service providers use to present this information to you on a monthly basis doesn’t help. Of course, the format used is not because they have no other option, it’s because that’s what makes them the most amount of money.
The frustration with credit card fees Some merchants accept credit cards because they find them to be a easier and more efficient method of accepting money from customers. Most merchants however accept them because they have no other choice. Many merchants and advocacy groups have cried foul lately with Visa and MasterCard increasing ‘interchange’ fees over 117% in the past five years while maintaining over 75% market share. The Card Associations have been accused of being monopolistic.
Interchange has come under increased pressure lately A few years ago, Wal-Mart won a class action lawsuit against Visa and MasterCard. They claimed that debit card interchange was being improperly priced because it had the same interchange rate as credit cards. Among other things, they argued that debit cards should be have a lower interchange rate because money comes directly out of the cardholder’s account versus a credit card where there is 15 to 45 days between purchase and payment. The courts agreed and awarded Wal-Mart and other retailers billions of dollars in compensatory damages. There are currently a number of other legal battles against the Card Associations surrounding interchange.
Merchants can now receive a 25% Cash Rebate Every Month on their Credit Card Processing using MatchRate Plus New Patent-Pending "Merchant Partner" Program.The Credit Card Processing Industry is now a $43 Trillion Dollar Industry that you can make money from. Learn more at: http://mrprebate.com Use Agent ID: "whatablessing" for more information
Monday, April 9, 2012
New Innovation To Electronic Payments Industry…Whatablessing Reports
Matchrate Plus is a new merchant services provider with a very tantalizing twist that has both business owners and seekers climbing on-board in big numbers. But is this authorized partner for North American Bancard delivering on it’s promises?
Matchrate Plus Gives Customers Back 25% Of Agent Commissions
I have experience in acquiring merchant account services for small and medium size businesses, and at first glance Matchrate Plus has an offer that looks competitive with what many ISO’s are offering. Matching competitive rates, free processing equipment and contract buyouts are all part of the fold. This in itself just puts them on par with a myriad of brokers knocking on most businesses doors about 5 times per day.
But, they take it a couple monumental steps further.
1. Matchrate Plus gives 25% of agent commissions back to the customer. That’s right, you will get a rebate on your fees. This automatically makes it more cost effective than any offer currently on the market.
2. Customers can also refer other businesses and get paid bonuses and ongoing commissions as a merchant partner (not just the one-time referral bonuses like most programs)
And if you just want to promote Matchrate Plus as an authorized referral agent, signing up is fairly painless. In fact…
Matchrate Plus Is A Free Business Opportunity
For those who are looking for a serious, long-term residual income opportunity, Match Rate Plus will allow you to get started as a referral agent, absolutely free. Many companies in this niche offer a referral program, so that in itself is not a major differentiating factor. However, this is not just a deal where you casually refer business owners you know and then the ISO (Independent Service Organization) throws you a small bonus check or gift card. Matchrate Plus actually pays its referral agents ongoing commissions in addition to the activation bonus.
How much money can you make? Basically you can earn $50 activation bonus per referred account, plus up to 17.5% of lifetime commissions. That in itself can result in significant income in the thousands per month once you get some momentum in your customer base.
But there is one piece to this that actually caught my attention more than anything else.
Matchrate Plus Gives Agents Chance To Leverage Teams
If you’ve read much of my material on business opportunities, you know that unless a model has leverage built into, I’m usually not a big supporter of it. Without massive leverage, you are stuck in the wrong side of the cashflow quadrant. Matchrate Plus allows agents to build their own team, with 10% overrides on an unlimited organization. This means you can refer as many agents you want, and you will earn the override on all the agents your referred agents sign up… with no depth limit.
Not only the 10% override is paid to all levels, but once you’re qualified to pay grade 3, which is not difficult at all, you will earn the $50 activation bonus on all accounts that are coded to you through your agent network. Essentially they have taken the affiliate marketing and network marketing concept, and formed it into a much more efficient model where you can skip the high start up costs and market a legitimately competitive service to businesses.
In conclusion
Matchrate Plus represents a real opportunity for businesses to lower their credit card processing and merchant account expenses with first class services from North American Bancard based in Troy, MI, and perhaps added revenue back in if they choose to share the service with others.
Signing up as a referral agent is quick and painless. And every agent gets a free back office with some very helpful training videos and marketing materials to get you started. Of course that doesn’t mean building your business will be easy. But, for anyone looking for a way to get started in building a business without all the draw backs that typical home businesses or independent sales opportunities come with such as start up expenses, lack of customer support infrastructure, or overpriced products with no real customer base, you should take a serious look at Matchrate Plus. Use Agent ID: 17382 http://matchrateplus.com/whatablessing
Matchrate Plus Gives Customers Back 25% Of Agent Commissions
I have experience in acquiring merchant account services for small and medium size businesses, and at first glance Matchrate Plus has an offer that looks competitive with what many ISO’s are offering. Matching competitive rates, free processing equipment and contract buyouts are all part of the fold. This in itself just puts them on par with a myriad of brokers knocking on most businesses doors about 5 times per day.
But, they take it a couple monumental steps further.
1. Matchrate Plus gives 25% of agent commissions back to the customer. That’s right, you will get a rebate on your fees. This automatically makes it more cost effective than any offer currently on the market.
2. Customers can also refer other businesses and get paid bonuses and ongoing commissions as a merchant partner (not just the one-time referral bonuses like most programs)
And if you just want to promote Matchrate Plus as an authorized referral agent, signing up is fairly painless. In fact…
Matchrate Plus Is A Free Business Opportunity
For those who are looking for a serious, long-term residual income opportunity, Match Rate Plus will allow you to get started as a referral agent, absolutely free. Many companies in this niche offer a referral program, so that in itself is not a major differentiating factor. However, this is not just a deal where you casually refer business owners you know and then the ISO (Independent Service Organization) throws you a small bonus check or gift card. Matchrate Plus actually pays its referral agents ongoing commissions in addition to the activation bonus.
How much money can you make? Basically you can earn $50 activation bonus per referred account, plus up to 17.5% of lifetime commissions. That in itself can result in significant income in the thousands per month once you get some momentum in your customer base.
But there is one piece to this that actually caught my attention more than anything else.
Matchrate Plus Gives Agents Chance To Leverage Teams
If you’ve read much of my material on business opportunities, you know that unless a model has leverage built into, I’m usually not a big supporter of it. Without massive leverage, you are stuck in the wrong side of the cashflow quadrant. Matchrate Plus allows agents to build their own team, with 10% overrides on an unlimited organization. This means you can refer as many agents you want, and you will earn the override on all the agents your referred agents sign up… with no depth limit.
Not only the 10% override is paid to all levels, but once you’re qualified to pay grade 3, which is not difficult at all, you will earn the $50 activation bonus on all accounts that are coded to you through your agent network. Essentially they have taken the affiliate marketing and network marketing concept, and formed it into a much more efficient model where you can skip the high start up costs and market a legitimately competitive service to businesses.
In conclusion
Matchrate Plus represents a real opportunity for businesses to lower their credit card processing and merchant account expenses with first class services from North American Bancard based in Troy, MI, and perhaps added revenue back in if they choose to share the service with others.
Signing up as a referral agent is quick and painless. And every agent gets a free back office with some very helpful training videos and marketing materials to get you started. Of course that doesn’t mean building your business will be easy. But, for anyone looking for a way to get started in building a business without all the draw backs that typical home businesses or independent sales opportunities come with such as start up expenses, lack of customer support infrastructure, or overpriced products with no real customer base, you should take a serious look at Matchrate Plus. Use Agent ID: 17382 http://matchrateplus.com/whatablessing
Friday, March 30, 2012
Ready for a CashLess Society?
A Cashless Society May Be Closer Than
Most People Would Ever Dare To Imagine
Most people think of a cashless society as something that is way off in the distant future. Unfortunately, that is simply not the case. The truth is that a cashless society is much closer than most people would ever dare to imagine. To a large degree, the transition to a cashless society is being done voluntarily. Today, only 7 percent of all transactions in the United States are done with cash, and most of those transactions involve very small amounts of money. Just think about it for a moment. Where do you still use cash these days? If you buy a burger or if you purchase something at a flea market you will still use cash, but for any mid-size or large transaction the vast majority of people out there will use another form of payment. Our financial system is dramatically changing, and cash is rapidly becoming a thing of the past. We live in a digital world, and national governments and big banks are both encouraging the move away from paper currency and coins. But what would a cashless society mean for our future? Are there any dangers to such a system?
Those are very important questions, but most of the time both sides of the issue are not presented in a balanced way in the mainstream media. Instead, most mainstream news articles tend to trash cash and talk about how wonderful digital currency is.
For example, a recent CBS News article declared that soon we may not need "that raggedy dollar bill" any longer and that the "greenback may soon be a goner"....
It's what the wallet was invented for, to carry cash. After all, there was a time when we needed cash everywhere we went, from filling stations to pay phones. Even the tooth fairy dealt only in cash.
But money isn't just physical anymore. It's not only the pennies in your piggy bank, or that raggedy dollar bill.
Money is also digital - it's zeros and ones stored in a computer, prompting some economists to predict the old-fashioned greenback may soon be a goner.
"There will be a time - I don't know when, I can't give you a date - when physical money is just going to cease to exist," said economist Robert Reich.
So will we see a completely cashless society in the near future?
Of course not. It would be wildly unpopular for the governments of the world to force such a system upon us all at once.
Instead, the big banks and the governments of the industrialized world are doing all they can to get us to voluntarily transition to such a system. Once 98 or 99 percent of all transactions do not involve cash, eliminating the remaining 1 or 2 percent will only seem natural.
The big banks want a cashless society because it is much more profitable for them.
The big banks earn billions of dollars in fees from debit cards and they make absolutely enormous profits from credit cards.
But when people use cash the big banks do not earn anything.
So obviously the big banks and the big credit card companies are big cheerleaders for a cashless society.
Most governments around the world are eager to transition to a cashless society as well for the following reasons....
-Cash is expensive to print, inspect, move, store and guard.
-Counterfeiting is always going to be a problem as long as paper currency exists.
-Cash if favored by criminals because it does not leave a paper trail. Eliminating cash would make it much more difficult for drug dealers, prostitutes and other criminals to do business.
-Most of all, a cashless society would give governments more control. Governments would be able to track virtually all transactions and would also be able to monitor tax compliance much more closely.
When you understand the factors listed above, it becomes easier to understand why the use of cash is increasingly becoming demonized. Governments around the world are increasingly viewing the use of cash in a negative light. In fact, according to the U.S. government paying with cash in some circumstances is now considered to be "suspicious activity" that needs to be reported to the authorities.
This disdain of cash has also grown very strong in the financial community. The following is from a recent Slate article....
David Birch, a director at Consult Hyperion, a firm specializing in electronic payments, says a shift to digital currency would cut out these hidden costs. In Birch’s ideal world, paying with cash would be viewed like drunk driving—something we do with decreasing frequency as more and more people understand the negative social consequences. “We’re trying to use industrial age money to support commerce in a post-industrial age. It just doesn’t work,” he says. “Sooner or later, the tectonic plates shift and then, very quickly, you’ll find yourself in this new environment where if you ask somebody to pay you in cash, you’ll just assume that they’re a prostitute or a Somali pirate.”
Do you see what is happening?
Simply using cash is enough to get you branded as a potential criminal these days.
Many people are going to be scared away from using cash simply because of the stigma that is becoming attached to it.
This is a trend that is not just happening in the United States. In fact, many other countries are further down the road toward a cashless society than we are.
Up in Canada, they are looking for ways to even eliminate coins so that people can use alternate forms of payment for all of their transactions....
The Royal Canadian Mint is also looking to the future with the MintChip, a new product that could become a digital replacement for coins.
In Sweden, only about 3 percent of all transactions still involve cash. The following comes from a recent Washington Post article....
In most Swedish cities, public buses don’t accept cash; tickets are prepaid or purchased with a cell phone text message. A small but growing number of businesses only take cards, and some bank offices — which make money on electronic transactions — have stopped handling cash altogether.
“There are towns where it isn’t at all possible anymore to enter a bank and use cash,” complains Curt Persson, chairman of Sweden’s National Pensioners’ Organization.
In Italy, all very large cash transactions have been banned. Previously, the limit for using cash in a transaction had been reduced to the equivalent of just a few thousand dollars. But back in December, Prime Minister Mario Monti proposed a new limit of approximately $1,300 for cash transactions.
And that is how many governments will transition to a cashless society. They will set a ceiling and then they will keep lowering it and lowering it. But is a cashless society really secure?
Of course not.
Bank accounts can be hacked into. Credit cards and debit cards can be stolen. Identity theft all over the world is absolutely soaring.
So companies all over the planet are working feverishly to make all of these cashless systems much more secure.
In the future, it is inevitable that national governments and big financial institutions will want to have all of us transition over to using biometric identity systems in order to combat crime in the financial system.
Many of these biometric identity systems are becoming quite advanced.
For example, just check out what IBM has been developing. The following is from a recent IBM press release....
You will no longer need to create, track or remember multiple passwords for various log-ins. Imagine you will be able to walk up to an ATM machine to securely withdraw money by simply speaking your name or looking into a tiny sensor that can recognize the unique patterns in the retina of your eye. Or by doing the same, you can check your account balance on your mobile phone or tablet.
Each person has a unique biological identity and behind all that is data. Biometric data – facial definitions, retinal scans and voice files – will be composited through software to build your DNA unique online password.
Referred to as multi-factor biometrics, smarter systems will be able to use this information in real-time to make sure whenever someone is attempting to access your information, it matches your unique biometric profile and the attempt is authorized.
Are you ready for that?
It is coming.
In the future, if you do not surrender your biometric identity information, you may be locked out of the entire financial system.
Another method that can be used to make financial identification more secure is to use implantable RFID microchips.
Yes, there is a lot of resistance to this idea, but the fact is that the use of RFID chips in animals and in humans is rapidly spreading.
Some U.S. cities have already made it mandatory to implant microchips into all cats and all dogs so that they can be tracked.
All over the United States, employees are being required to carry badges that contain RFID chips, and in some instances employers are actually requiring employees to have RFID chips injected into their bodies.
Increasingly, RFID chips are being implanted in the upper arm of patients that have Alzheimer's disease. The idea is that this helps health care providers track Alzheimer's patients that get lost.
In some countries, microchips are now actually being embedded into school uniforms to make sure that students don't skip school.
Can you see where all of this is headed?
Some companies are even developing RFID technologies that do not require an injection.
One company called Somark has developed chipless RFID ink that is applied directly to the skin of an animal or a human. These "RFID tattoos" are applied in about 10 seconds using micro-needles and a reusable applicator, and they can be read by an RFID reader from up to four feet away.
Would you get an "RFID tattoo" if the government or your bank asked you to?
Some people out there are actually quite excited about these new technologies.
For example, a columnist named Don Tennant wrote an article entitled "Chip Me – Please!" in which he expressed his unbridled enthusiasm for an implantable microchip which would contain all of his medical information....
"All I can say is I’d be the first person in line for an implant."
But are there real dangers to going to a system that is entirely digital?
For example, what if a devastating EMP attack wiped out our electrical grid and most of our computers from coast to coast?
How would we continue to function?
Sadly, most people don't think about things like that.
Our world is changing more rapidly than ever before, and we should be mindful of where these changes are taking us. Just because our technology is advancing does not mean that our world is becoming a better place.
There are millions of Americans that want absolutely nothing to do with biometric identity systems or RFID implants.
But the mainstream media continues to declare that nothing can stop the changes that are coming. A recent CBS News article made the following statement....
"Most agree a cashless society is not only inevitable, for most of us, it's already here."
Yes, a cashless society is coming.
Are you ready for it? Go to: http://matchrateplus.com/whatablessing
A Cashless Society May Be Closer Than Most People Would Ever Dare To Imagine

Most people think of a cashless society as something that is way off in the distant future. Unfortunately, that is simply not the case. The truth is that a cashless society is much closer than most people would ever dare to imagine. To a large degree, the transition to a cashless society is being done voluntarily. Today, only 7 percent of all transactions in the United States are done with cash, and most of those transactions involve very small amounts of money. Just think about it for a moment. Where do you still use cash these days? If you buy a burger or if you purchase something at a flea market you will still use cash, but for any mid-size or large transaction the vast majority of people out there will use another form of payment. Our financial system is dramatically changing, and cash is rapidly becoming a thing of the past. We live in a digital world, and national governments and big banks are both encouraging the move away from paper currency and coins. But what would a cashless society mean for our future? Are there any dangers to such a system?
Those are very important questions, but most of the time both sides of the issue are not presented in a balanced way in the mainstream media. Instead, most mainstream news articles tend to trash cash and talk about how wonderful digital currency is.
For example, a recent CBS News article declared that soon we may not need "that raggedy dollar bill" any longer and that the "greenback may soon be a goner"....
It's what the wallet was invented for, to carry cash. After all, there was a time when we needed cash everywhere we went, from filling stations to pay phones. Even the tooth fairy dealt only in cash.
But money isn't just physical anymore. It's not only the pennies in your piggy bank, or that raggedy dollar bill.
Money is also digital - it's zeros and ones stored in a computer, prompting some economists to predict the old-fashioned greenback may soon be a goner.
"There will be a time - I don't know when, I can't give you a date - when physical money is just going to cease to exist," said economist Robert Reich.
So will we see a completely cashless society in the near future?
Of course not. It would be wildly unpopular for the governments of the world to force such a system upon us all at once.
Instead, the big banks and the governments of the industrialized world are doing all they can to get us to voluntarily transition to such a system. Once 98 or 99 percent of all transactions do not involve cash, eliminating the remaining 1 or 2 percent will only seem natural.
The big banks want a cashless society because it is much more profitable for them.
The big banks earn billions of dollars in fees from debit cards and they make absolutely enormous profits from credit cards.
But when people use cash the big banks do not earn anything.
So obviously the big banks and the big credit card companies are big cheerleaders for a cashless society.
Most governments around the world are eager to transition to a cashless society as well for the following reasons....
-Cash is expensive to print, inspect, move, store and guard.
-Counterfeiting is always going to be a problem as long as paper currency exists.
-Cash if favored by criminals because it does not leave a paper trail. Eliminating cash would make it much more difficult for drug dealers, prostitutes and other criminals to do business.
-Most of all, a cashless society would give governments more control. Governments would be able to track virtually all transactions and would also be able to monitor tax compliance much more closely.
When you understand the factors listed above, it becomes easier to understand why the use of cash is increasingly becoming demonized. Governments around the world are increasingly viewing the use of cash in a negative light. In fact, according to the U.S. government paying with cash in some circumstances is now considered to be "suspicious activity" that needs to be reported to the authorities.
This disdain of cash has also grown very strong in the financial community. The following is from a recent Slate article....
David Birch, a director at Consult Hyperion, a firm specializing in electronic payments, says a shift to digital currency would cut out these hidden costs. In Birch’s ideal world, paying with cash would be viewed like drunk driving—something we do with decreasing frequency as more and more people understand the negative social consequences. “We’re trying to use industrial age money to support commerce in a post-industrial age. It just doesn’t work,” he says. “Sooner or later, the tectonic plates shift and then, very quickly, you’ll find yourself in this new environment where if you ask somebody to pay you in cash, you’ll just assume that they’re a prostitute or a Somali pirate.”
Do you see what is happening?
Simply using cash is enough to get you branded as a potential criminal these days.
Many people are going to be scared away from using cash simply because of the stigma that is becoming attached to it.
This is a trend that is not just happening in the United States. In fact, many other countries are further down the road toward a cashless society than we are.
Up in Canada, they are looking for ways to even eliminate coins so that people can use alternate forms of payment for all of their transactions....
The Royal Canadian Mint is also looking to the future with the MintChip, a new product that could become a digital replacement for coins.
In Sweden, only about 3 percent of all transactions still involve cash. The following comes from a recent Washington Post article....
In most Swedish cities, public buses don’t accept cash; tickets are prepaid or purchased with a cell phone text message. A small but growing number of businesses only take cards, and some bank offices — which make money on electronic transactions — have stopped handling cash altogether.
“There are towns where it isn’t at all possible anymore to enter a bank and use cash,” complains Curt Persson, chairman of Sweden’s National Pensioners’ Organization.
In Italy, all very large cash transactions have been banned. Previously, the limit for using cash in a transaction had been reduced to the equivalent of just a few thousand dollars. But back in December, Prime Minister Mario Monti proposed a new limit of approximately $1,300 for cash transactions.
And that is how many governments will transition to a cashless society. They will set a ceiling and then they will keep lowering it and lowering it.But is a cashless society really secure?
Of course not.
Bank accounts can be hacked into. Credit cards and debit cards can be stolen. Identity theft all over the world is absolutely soaring.
So companies all over the planet are working feverishly to make all of these cashless systems much more secure.
In the future, it is inevitable that national governments and big financial institutions will want to have all of us transition over to using biometric identity systems in order to combat crime in the financial system.
Many of these biometric identity systems are becoming quite advanced.
For example, just check out what IBM has been developing. The following is from a recent IBM press release....
You will no longer need to create, track or remember multiple passwords for various log-ins. Imagine you will be able to walk up to an ATM machine to securely withdraw money by simply speaking your name or looking into a tiny sensor that can recognize the unique patterns in the retina of your eye. Or by doing the same, you can check your account balance on your mobile phone or tablet.
Each person has a unique biological identity and behind all that is data. Biometric data – facial definitions, retinal scans and voice files – will be composited through software to build your DNA unique online password.
Referred to as multi-factor biometrics, smarter systems will be able to use this information in real-time to make sure whenever someone is attempting to access your information, it matches your unique biometric profile and the attempt is authorized.
Are you ready for that?
It is coming.
In the future, if you do not surrender your biometric identity information, you may be locked out of the entire financial system.
Another method that can be used to make financial identification more secure is to use implantable RFID microchips.
Yes, there is a lot of resistance to this idea, but the fact is that the use of RFID chips in animals and in humans is rapidly spreading.
Some U.S. cities have already made it mandatory to implant microchips into all cats and all dogs so that they can be tracked.
All over the United States, employees are being required to carry badges that contain RFID chips, and in some instances employers are actually requiring employees to have RFID chips injected into their bodies.
Increasingly, RFID chips are being implanted in the upper arm of patients that have Alzheimer's disease. The idea is that this helps health care providers track Alzheimer's patients that get lost.
In some countries, microchips are now actually being embedded into school uniforms to make sure that students don't skip school.
Can you see where all of this is headed?
Some companies are even developing RFID technologies that do not require an injection.
One company called Somark has developed chipless RFID ink that is applied directly to the skin of an animal or a human. These "RFID tattoos" are applied in about 10 seconds using micro-needles and a reusable applicator, and they can be read by an RFID reader from up to four feet away.
Would you get an "RFID tattoo" if the government or your bank asked you to?
Some people out there are actually quite excited about these new technologies.
For example, a columnist named Don Tennant wrote an article entitled "Chip Me – Please!" in which he expressed his unbridled enthusiasm for an implantable microchip which would contain all of his medical information....
"All I can say is I’d be the first person in line for an implant."
But are there real dangers to going to a system that is entirely digital?
For example, what if a devastating EMP attack wiped out our electrical grid and most of our computers from coast to coast?
How would we continue to function?
Sadly, most people don't think about things like that.
Our world is changing more rapidly than ever before, and we should be mindful of where these changes are taking us. Just because our technology is advancing does not mean that our world is becoming a better place.
There are millions of Americans that want absolutely nothing to do with biometric identity systems or RFID implants.
But the mainstream media continues to declare that nothing can stop the changes that are coming. A recent CBS News article made the following statement....
"Most agree a cashless society is not only inevitable, for most of us, it's already here."
Yes, a cashless society is coming.
Are you ready for it? Go to: http://matchrateplus.com/whatablessing Great Financial Opportunity for You...
Most People Would Ever Dare To Imagine
Most people think of a cashless society as something that is way off in the distant future. Unfortunately, that is simply not the case. The truth is that a cashless society is much closer than most people would ever dare to imagine. To a large degree, the transition to a cashless society is being done voluntarily. Today, only 7 percent of all transactions in the United States are done with cash, and most of those transactions involve very small amounts of money. Just think about it for a moment. Where do you still use cash these days? If you buy a burger or if you purchase something at a flea market you will still use cash, but for any mid-size or large transaction the vast majority of people out there will use another form of payment. Our financial system is dramatically changing, and cash is rapidly becoming a thing of the past. We live in a digital world, and national governments and big banks are both encouraging the move away from paper currency and coins. But what would a cashless society mean for our future? Are there any dangers to such a system?
Those are very important questions, but most of the time both sides of the issue are not presented in a balanced way in the mainstream media. Instead, most mainstream news articles tend to trash cash and talk about how wonderful digital currency is.
For example, a recent CBS News article declared that soon we may not need "that raggedy dollar bill" any longer and that the "greenback may soon be a goner"....
It's what the wallet was invented for, to carry cash. After all, there was a time when we needed cash everywhere we went, from filling stations to pay phones. Even the tooth fairy dealt only in cash.
But money isn't just physical anymore. It's not only the pennies in your piggy bank, or that raggedy dollar bill.
Money is also digital - it's zeros and ones stored in a computer, prompting some economists to predict the old-fashioned greenback may soon be a goner.
"There will be a time - I don't know when, I can't give you a date - when physical money is just going to cease to exist," said economist Robert Reich.
So will we see a completely cashless society in the near future?
Of course not. It would be wildly unpopular for the governments of the world to force such a system upon us all at once.
Instead, the big banks and the governments of the industrialized world are doing all they can to get us to voluntarily transition to such a system. Once 98 or 99 percent of all transactions do not involve cash, eliminating the remaining 1 or 2 percent will only seem natural.
The big banks want a cashless society because it is much more profitable for them.
The big banks earn billions of dollars in fees from debit cards and they make absolutely enormous profits from credit cards.
But when people use cash the big banks do not earn anything.
So obviously the big banks and the big credit card companies are big cheerleaders for a cashless society.
Most governments around the world are eager to transition to a cashless society as well for the following reasons....
-Cash is expensive to print, inspect, move, store and guard.
-Counterfeiting is always going to be a problem as long as paper currency exists.
-Cash if favored by criminals because it does not leave a paper trail. Eliminating cash would make it much more difficult for drug dealers, prostitutes and other criminals to do business.
-Most of all, a cashless society would give governments more control. Governments would be able to track virtually all transactions and would also be able to monitor tax compliance much more closely.
When you understand the factors listed above, it becomes easier to understand why the use of cash is increasingly becoming demonized. Governments around the world are increasingly viewing the use of cash in a negative light. In fact, according to the U.S. government paying with cash in some circumstances is now considered to be "suspicious activity" that needs to be reported to the authorities.
This disdain of cash has also grown very strong in the financial community. The following is from a recent Slate article....
David Birch, a director at Consult Hyperion, a firm specializing in electronic payments, says a shift to digital currency would cut out these hidden costs. In Birch’s ideal world, paying with cash would be viewed like drunk driving—something we do with decreasing frequency as more and more people understand the negative social consequences. “We’re trying to use industrial age money to support commerce in a post-industrial age. It just doesn’t work,” he says. “Sooner or later, the tectonic plates shift and then, very quickly, you’ll find yourself in this new environment where if you ask somebody to pay you in cash, you’ll just assume that they’re a prostitute or a Somali pirate.”
Do you see what is happening?
Simply using cash is enough to get you branded as a potential criminal these days.
Many people are going to be scared away from using cash simply because of the stigma that is becoming attached to it.
This is a trend that is not just happening in the United States. In fact, many other countries are further down the road toward a cashless society than we are.
Up in Canada, they are looking for ways to even eliminate coins so that people can use alternate forms of payment for all of their transactions....
The Royal Canadian Mint is also looking to the future with the MintChip, a new product that could become a digital replacement for coins.
In Sweden, only about 3 percent of all transactions still involve cash. The following comes from a recent Washington Post article....
In most Swedish cities, public buses don’t accept cash; tickets are prepaid or purchased with a cell phone text message. A small but growing number of businesses only take cards, and some bank offices — which make money on electronic transactions — have stopped handling cash altogether.
“There are towns where it isn’t at all possible anymore to enter a bank and use cash,” complains Curt Persson, chairman of Sweden’s National Pensioners’ Organization.
In Italy, all very large cash transactions have been banned. Previously, the limit for using cash in a transaction had been reduced to the equivalent of just a few thousand dollars. But back in December, Prime Minister Mario Monti proposed a new limit of approximately $1,300 for cash transactions.
And that is how many governments will transition to a cashless society. They will set a ceiling and then they will keep lowering it and lowering it. But is a cashless society really secure?
Of course not.
Bank accounts can be hacked into. Credit cards and debit cards can be stolen. Identity theft all over the world is absolutely soaring.
So companies all over the planet are working feverishly to make all of these cashless systems much more secure.
In the future, it is inevitable that national governments and big financial institutions will want to have all of us transition over to using biometric identity systems in order to combat crime in the financial system.
Many of these biometric identity systems are becoming quite advanced.
For example, just check out what IBM has been developing. The following is from a recent IBM press release....
You will no longer need to create, track or remember multiple passwords for various log-ins. Imagine you will be able to walk up to an ATM machine to securely withdraw money by simply speaking your name or looking into a tiny sensor that can recognize the unique patterns in the retina of your eye. Or by doing the same, you can check your account balance on your mobile phone or tablet.
Each person has a unique biological identity and behind all that is data. Biometric data – facial definitions, retinal scans and voice files – will be composited through software to build your DNA unique online password.
Referred to as multi-factor biometrics, smarter systems will be able to use this information in real-time to make sure whenever someone is attempting to access your information, it matches your unique biometric profile and the attempt is authorized.
Are you ready for that?
It is coming.
In the future, if you do not surrender your biometric identity information, you may be locked out of the entire financial system.
Another method that can be used to make financial identification more secure is to use implantable RFID microchips.
Yes, there is a lot of resistance to this idea, but the fact is that the use of RFID chips in animals and in humans is rapidly spreading.
Some U.S. cities have already made it mandatory to implant microchips into all cats and all dogs so that they can be tracked.
All over the United States, employees are being required to carry badges that contain RFID chips, and in some instances employers are actually requiring employees to have RFID chips injected into their bodies.
Increasingly, RFID chips are being implanted in the upper arm of patients that have Alzheimer's disease. The idea is that this helps health care providers track Alzheimer's patients that get lost.
In some countries, microchips are now actually being embedded into school uniforms to make sure that students don't skip school.
Can you see where all of this is headed?
Some companies are even developing RFID technologies that do not require an injection.
One company called Somark has developed chipless RFID ink that is applied directly to the skin of an animal or a human. These "RFID tattoos" are applied in about 10 seconds using micro-needles and a reusable applicator, and they can be read by an RFID reader from up to four feet away.
Would you get an "RFID tattoo" if the government or your bank asked you to?
Some people out there are actually quite excited about these new technologies.
For example, a columnist named Don Tennant wrote an article entitled "Chip Me – Please!" in which he expressed his unbridled enthusiasm for an implantable microchip which would contain all of his medical information....
"All I can say is I’d be the first person in line for an implant."
But are there real dangers to going to a system that is entirely digital?
For example, what if a devastating EMP attack wiped out our electrical grid and most of our computers from coast to coast?
How would we continue to function?
Sadly, most people don't think about things like that.
Our world is changing more rapidly than ever before, and we should be mindful of where these changes are taking us. Just because our technology is advancing does not mean that our world is becoming a better place.
There are millions of Americans that want absolutely nothing to do with biometric identity systems or RFID implants.
But the mainstream media continues to declare that nothing can stop the changes that are coming. A recent CBS News article made the following statement....
"Most agree a cashless society is not only inevitable, for most of us, it's already here."
Yes, a cashless society is coming.
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A Cashless Society May Be Closer Than Most People Would Ever Dare To Imagine

Most people think of a cashless society as something that is way off in the distant future. Unfortunately, that is simply not the case. The truth is that a cashless society is much closer than most people would ever dare to imagine. To a large degree, the transition to a cashless society is being done voluntarily. Today, only 7 percent of all transactions in the United States are done with cash, and most of those transactions involve very small amounts of money. Just think about it for a moment. Where do you still use cash these days? If you buy a burger or if you purchase something at a flea market you will still use cash, but for any mid-size or large transaction the vast majority of people out there will use another form of payment. Our financial system is dramatically changing, and cash is rapidly becoming a thing of the past. We live in a digital world, and national governments and big banks are both encouraging the move away from paper currency and coins. But what would a cashless society mean for our future? Are there any dangers to such a system?
Those are very important questions, but most of the time both sides of the issue are not presented in a balanced way in the mainstream media. Instead, most mainstream news articles tend to trash cash and talk about how wonderful digital currency is.
For example, a recent CBS News article declared that soon we may not need "that raggedy dollar bill" any longer and that the "greenback may soon be a goner"....
It's what the wallet was invented for, to carry cash. After all, there was a time when we needed cash everywhere we went, from filling stations to pay phones. Even the tooth fairy dealt only in cash.
But money isn't just physical anymore. It's not only the pennies in your piggy bank, or that raggedy dollar bill.
Money is also digital - it's zeros and ones stored in a computer, prompting some economists to predict the old-fashioned greenback may soon be a goner.
"There will be a time - I don't know when, I can't give you a date - when physical money is just going to cease to exist," said economist Robert Reich.
So will we see a completely cashless society in the near future?
Of course not. It would be wildly unpopular for the governments of the world to force such a system upon us all at once.
Instead, the big banks and the governments of the industrialized world are doing all they can to get us to voluntarily transition to such a system. Once 98 or 99 percent of all transactions do not involve cash, eliminating the remaining 1 or 2 percent will only seem natural.
The big banks want a cashless society because it is much more profitable for them.
The big banks earn billions of dollars in fees from debit cards and they make absolutely enormous profits from credit cards.
But when people use cash the big banks do not earn anything.
So obviously the big banks and the big credit card companies are big cheerleaders for a cashless society.
Most governments around the world are eager to transition to a cashless society as well for the following reasons....
-Cash is expensive to print, inspect, move, store and guard.
-Counterfeiting is always going to be a problem as long as paper currency exists.
-Cash if favored by criminals because it does not leave a paper trail. Eliminating cash would make it much more difficult for drug dealers, prostitutes and other criminals to do business.
-Most of all, a cashless society would give governments more control. Governments would be able to track virtually all transactions and would also be able to monitor tax compliance much more closely.
When you understand the factors listed above, it becomes easier to understand why the use of cash is increasingly becoming demonized. Governments around the world are increasingly viewing the use of cash in a negative light. In fact, according to the U.S. government paying with cash in some circumstances is now considered to be "suspicious activity" that needs to be reported to the authorities.
This disdain of cash has also grown very strong in the financial community. The following is from a recent Slate article....
David Birch, a director at Consult Hyperion, a firm specializing in electronic payments, says a shift to digital currency would cut out these hidden costs. In Birch’s ideal world, paying with cash would be viewed like drunk driving—something we do with decreasing frequency as more and more people understand the negative social consequences. “We’re trying to use industrial age money to support commerce in a post-industrial age. It just doesn’t work,” he says. “Sooner or later, the tectonic plates shift and then, very quickly, you’ll find yourself in this new environment where if you ask somebody to pay you in cash, you’ll just assume that they’re a prostitute or a Somali pirate.”
Do you see what is happening?
Simply using cash is enough to get you branded as a potential criminal these days.
Many people are going to be scared away from using cash simply because of the stigma that is becoming attached to it.
This is a trend that is not just happening in the United States. In fact, many other countries are further down the road toward a cashless society than we are.
Up in Canada, they are looking for ways to even eliminate coins so that people can use alternate forms of payment for all of their transactions....
The Royal Canadian Mint is also looking to the future with the MintChip, a new product that could become a digital replacement for coins.
In Sweden, only about 3 percent of all transactions still involve cash. The following comes from a recent Washington Post article....
In most Swedish cities, public buses don’t accept cash; tickets are prepaid or purchased with a cell phone text message. A small but growing number of businesses only take cards, and some bank offices — which make money on electronic transactions — have stopped handling cash altogether.
“There are towns where it isn’t at all possible anymore to enter a bank and use cash,” complains Curt Persson, chairman of Sweden’s National Pensioners’ Organization.
In Italy, all very large cash transactions have been banned. Previously, the limit for using cash in a transaction had been reduced to the equivalent of just a few thousand dollars. But back in December, Prime Minister Mario Monti proposed a new limit of approximately $1,300 for cash transactions.
And that is how many governments will transition to a cashless society. They will set a ceiling and then they will keep lowering it and lowering it.But is a cashless society really secure?
Of course not.
Bank accounts can be hacked into. Credit cards and debit cards can be stolen. Identity theft all over the world is absolutely soaring.
So companies all over the planet are working feverishly to make all of these cashless systems much more secure.
In the future, it is inevitable that national governments and big financial institutions will want to have all of us transition over to using biometric identity systems in order to combat crime in the financial system.
Many of these biometric identity systems are becoming quite advanced.
For example, just check out what IBM has been developing. The following is from a recent IBM press release....
You will no longer need to create, track or remember multiple passwords for various log-ins. Imagine you will be able to walk up to an ATM machine to securely withdraw money by simply speaking your name or looking into a tiny sensor that can recognize the unique patterns in the retina of your eye. Or by doing the same, you can check your account balance on your mobile phone or tablet.
Each person has a unique biological identity and behind all that is data. Biometric data – facial definitions, retinal scans and voice files – will be composited through software to build your DNA unique online password.
Referred to as multi-factor biometrics, smarter systems will be able to use this information in real-time to make sure whenever someone is attempting to access your information, it matches your unique biometric profile and the attempt is authorized.
Are you ready for that?
It is coming.
In the future, if you do not surrender your biometric identity information, you may be locked out of the entire financial system.
Another method that can be used to make financial identification more secure is to use implantable RFID microchips.
Yes, there is a lot of resistance to this idea, but the fact is that the use of RFID chips in animals and in humans is rapidly spreading.
Some U.S. cities have already made it mandatory to implant microchips into all cats and all dogs so that they can be tracked.
All over the United States, employees are being required to carry badges that contain RFID chips, and in some instances employers are actually requiring employees to have RFID chips injected into their bodies.
Increasingly, RFID chips are being implanted in the upper arm of patients that have Alzheimer's disease. The idea is that this helps health care providers track Alzheimer's patients that get lost.
In some countries, microchips are now actually being embedded into school uniforms to make sure that students don't skip school.
Can you see where all of this is headed?
Some companies are even developing RFID technologies that do not require an injection.
One company called Somark has developed chipless RFID ink that is applied directly to the skin of an animal or a human. These "RFID tattoos" are applied in about 10 seconds using micro-needles and a reusable applicator, and they can be read by an RFID reader from up to four feet away.
Would you get an "RFID tattoo" if the government or your bank asked you to?
Some people out there are actually quite excited about these new technologies.
For example, a columnist named Don Tennant wrote an article entitled "Chip Me – Please!" in which he expressed his unbridled enthusiasm for an implantable microchip which would contain all of his medical information....
"All I can say is I’d be the first person in line for an implant."
But are there real dangers to going to a system that is entirely digital?
For example, what if a devastating EMP attack wiped out our electrical grid and most of our computers from coast to coast?
How would we continue to function?
Sadly, most people don't think about things like that.
Our world is changing more rapidly than ever before, and we should be mindful of where these changes are taking us. Just because our technology is advancing does not mean that our world is becoming a better place.
There are millions of Americans that want absolutely nothing to do with biometric identity systems or RFID implants.
But the mainstream media continues to declare that nothing can stop the changes that are coming. A recent CBS News article made the following statement....
"Most agree a cashless society is not only inevitable, for most of us, it's already here."
Yes, a cashless society is coming.
Are you ready for it? Go to: http://matchrateplus.com/whatablessing Great Financial Opportunity for You...
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